05.11.202405:01 Forex Analysis & Reviews: Forecast for GBP/USD on November 5, 2024

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The British pound's upward momentum at the Monday open has reached the nearest target level of 1.2994. Now, the price is pulling back, aiming to close the gap. Support at 1.2859 appears secure for buyers—as long as it holds, they may have the chance to push the price back up toward 1.3080.

Even aside from the U.S. elections, the pound is technically likely to extend its rise to 1.3080 before closing the gap. This is because the Marlin oscillator is nearing the zero line, and as it does, the price may break through 1.2994, opening the way to 1.3080.

On the H4 chart, Marlin is turning up from the zero line, signaling potential growth. Though this reversal is not yet confirmed, the price is developing above the MACD line, making the chance of breaking through 1.2994 significant. Should the price consolidate below the MACD line (1.2927), it would expose the nearest support level at 1.2859.

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