Forecast for GBP/USD on November 6, 2020
The pound fell slightly short of the MACD line (1.3180) on the daily chart. It is possible to reach the level, and then a reversal divergence will form according to the Marlin oscillator. A reversal from the current levels will be confirmed when the price settles below the 1.3050 level. In this case, the price will return to 1.2930.
There is no strong reversal signal on the 4-hour chart. When forming, say, a divergence, the price will need to go even lower and reach 1.3180. US employment data for October will be released today, so speculative action is likely to a high degree. The unemployment rate is forecast to decline from 7.9% to 7.7%. We are waiting for the development of events.
The material has been provided by InstaForex Company – www.instaforex.com