Forecast for GBP/USD on November 24, 2020
The British pound increased by 120 points yesterday, having reached the target range of 1.3350/80 with a slight overlap. The price significantly fell in the evening and this showed the main thing – the intention to form a divergence with the Marlin oscillator on the daily chart. If it turns out to be a black candle, then the divergence will take place. The price’s closest target will be the MACD line at 1.3190. Getting the pair to settle below it opens the second target at 1.3050.
The four-hour chart shows that the MACD line restrained the price from pulling back. To confirm the pound’s intention to decline, it needs to settle below the 1.3287 level. After that a target will open along the MACD line of the higher scale at 1.3190. Until this moment, there is a risk that the price will go beyond yesterday’s high and rise to 1.3480.
The material has been provided by InstaForex Company – www.instaforex.com