21.10.202404:44 Forex Analysis & Reviews: Forecast for GBP/USD on October 21, 2024

Relevance up to 22:00 2024-10-21 UTC--4

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The British pound easily moved away from the target support at 1.2994. The resistance level at 1.3080 is now under attack, and breaking through this level opens the way to testing 1.3141 and further to the MACD line at 1.3141.

Despite expectations of a 0.50% rate cut by the Bank of England, this ease in the pound's movement could be attributed to the anticipation of K. Harris's victory, which is associated with an increase in risk appetite, as the U.S. elections are scheduled before the BoE meeting.

It is worth noting that no significant economic releases are expected this week (with the Eurozone and UK PMI for October due on Thursday, but forecasts are close to September's figures), so the trend over the next few days will reflect market participants' expectations.

On the H4 chart, the price has consolidated above the MACD line, and the Marlin oscillator has settled into uptrend territory. Securing the price above the nearby resistance does not appear to be difficult.

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