26.11.202405:00 Forex Analysis & Reviews: Forecast for GBP/USD on November 26, 2024

Relevance up to 21:00 2024-11-26 UTC--5

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Yesterday, the British pound closed the day with a small black candle, and Monday's gap was closed this morning. The price tested the support level at 1.2510 and may turn toward a corrective rise under the influence of a slight divergence with the oscillator on the daily chart. The correction could be substantial if the market decides to "unwind" the entire movement since September 26. The targets are marked on the chart: 1.2612, 1.2708, 1.2773, 1.2859.

If the price consolidates below the 1.2510 level, the decline may extend to 1.2447 or even 1.2367. The Marlin Oscillator also has the potential for a deeper decline. This alternative scenario is possible if the stock market enters a deep correction. One reason could be Donald Trump's announcement last night that his first executive order as president would impose a 25% tariff on all goods from Canada and Mexico.

On the four-hour chart, the price has traded within the range of 1.2510–1.2612 over the past day. This movement has occurred below the balance and MACD lines, indicating that the downtrend persists. The Marlin Oscillator has turned downward from the zero line.

We now await confirmation that the price will consolidate either above 1.2612 (which would also mean breaking above the Kijun-sen line) or below 1.2510.

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