FX.co ★ Forecast for GBP/USD on October 4, 2019

GBP/USD

The British pound has shown wide-range trading at the events around Brexit in the last three days - then Boris Johnson will propose a new double border plan in Ireland, then the EU has doubts about the preparation of all documents before October 31. Employment data for September is coming out today in the US, and if the pound chooses, especially if the data turns out to be close to the forecasts, it can be ignored - there are 3.5 weeks left until the X date. Brexit news can be released at any time.

Technically, the situation remains upward; on the daily chart, the price has already pierced the resistance of the Fibonacci level of 200.0% and the signal level of 1.2375, the Marlin oscillator is attacking the boundary with the growth territory. A repeated attempt to exit above the resistance may be successful and the price will go to the price channel line at 1.2495. Strong data on the US Nonfarm Payrolls can return the price to support at 1.2230, which, with the current volatility, the pound can afford even with the further intention to grow.

On a four-hour chart, the price is clamped in clusters of technical lines, the price position is neutral.