13.11.202404:40 Forex Analysis & Reviews: Forecast for GBP/USD on November 13, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Yesterday's employment data from the UK showed an increase in the unemployment rate from 4.0% to 4.3% in September. As a result, the pound lost 120 pips in a single day. However, the price fell just short of the target support level at 1.2708.

Today, the pound will likely focus on testing this level, with additional pressure coming from the dollar. The October CPI data for the U.S. is expected to increase from 2.4% y/y to 2.6% y/y, which could further strengthen the dollar. The next support target is the 1.2612 level, which marks the June low.

On the four-hour chart, the signal line of the Marlin oscillator has turned upward from the lower boundary of its descending channel. This suggests that the price might remain neutral for some time, awaiting the U.S. inflation data to be released in the evening.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.