FX.co ★ Forecast for GBP/USD on November 7, 2019

GBP/USD

The British pound fell by 27 points yesterday. This morning, the price is trying to push the signal level of 1.2840, after which the nearest target at 1.2748 will open. Simultaneously, as the price touches the signal level, the Marlin oscillator line goes into the negative trend zone. The signal receives additional amplification. The lower target levels can be taken sequentially: 1.2748 (October 17 low), 1.2703 (October 11 high), 1.2650 (October 14 high).

Investors do not expect any interesting news from today's meeting of the Bank of England in terms of monetary policy, respectively, increased attention will be paid to the economic forecasts of the central bank, and they, based on their latest economic data, can be if not lowered, then held in a dim light.

The price is moving away from the balance indicator line on the four-hour chart, strengthening the downward trend. The Marlin Oscillator is stable in the negative zone. We look forward to the further development of the downward movement.