Fundamental analysis

Forecast for GBP/USD on November 1, 2022

The British pound managed to break through the support level of 1.1500 yesterday. Just ahead, there is a target under the MACD line at 1.1330, but the pound may not rush and look at related currencies and external markets, since the Federal Reserve’s meeting on monetary policy is tomorrow. Breaking 1.1330 will open the next target at 1.1170.

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The scenario with price delay, that is, with consolidation, supports the forecast for ISM Manufacturing PMI in October, which is expected to fall from 50.9 to 50.0. Construction spending in the US in September is also expected to decrease – forecast -0.5% after -0.7% in August.

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On the H4 chart, the price settled both under the level of 1.1500 and under the MACD indicator line. The Marlin Oscillator is in negative territory. The trend is mostly downward, but not quite mature yet, as the balance indicator line has not yet been overcome, which supports the version of the price delay before the Fed meeting.

The material has been provided by InstaForex Company – www.instaforex.com


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