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Sunday, October 3, 2021

Forecast for GBP/USD on October 4, 2021

October 03, 2021 0 comments

GBP/USD

The pound updated the price channel on the daily chart, as it could not get above the resistance of the MACD indicator line. Now the price is recovering after the collapse on September 28-29. The recovery will end when the price breaks the MACD line, around 1.3664. Consolidation above it opens the target along the embedded price channel line in the 1.3848 area. A decline may turn into a medium-term if the price moves below the lower border of the price channel, below 1.3432. The first downside target will be 1.3297, the September 2018 high.

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On a four-hour scale, the price reached the MACD indicator line. The Marlin Oscillator is in the zone of positive values, which indicates the predominant desire of the price to break above this resistance.

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

from RobotFX
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