FX.co ★ Forecast for GBP/USD on November 14, 2023

GBP/USD:

On Friday, we observed a price reversal from the balance indicator line. Yesterday, the price entered the target range of 1.2261/87, and this morning, it reached the MACD indicator line. Thus, a consolidation above the upper band of the range will correspond to a consolidation above the MACD line.

If it succeeds, the next target will be 1.2415/47. We expect the price to overcome this range and further rise to 1.2524, 1.2617. On the 4-hour chart, the price has settled above the MACD line, and now it is starting to form a consolidation within the range it reached.

The signal line of the Marlin oscillator has formally entered the bullish territory but may still show sideways movement, accumulating potential for further growth.