Fundamental analysis

Forecast for GBP/USD on October 28, 2022

The British pound slightly fell on Thursday due to the euro’s sharp drop and the pound itself clearly does not intend to continue the decline, because other counter-dollar currencies did not react strongly to the fall of the “big brother” due to the increase in the European Central Bank rate.

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The upward trend continues on the GBP/USD daily chart, the target of 1.1760 is still relevant. The Marlin Oscillator is growing in the positive area, it is still far from the overbought zone. If the price settles below 1.1500, it is possible to further fall to 1.1330 (MACD line) and further, if it is overcome, to move to 1.1170.

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On a four-hour scale, yesterday’s decline was also due to a divergence with the Marlin Oscillator. The price is approaching the critical level of 1.1500, the Marlin Oscillator is approaching the zero line. Synchronous overcoming by the price and the oscillator of their supports will give an impulsive character to a short-term decline (target 1.1330). If the price and the oscillator do not overcome the supports, the pound will continue to grow.

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


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