GBP / USD
On Thursday, the pound fell by 70 points, almost coming close to the consolidation range of November which is 1.2820-1.2965. At the same time, the MACD line and the Fibonacci level of 161.8% are waiting for the price at the closest target level of 1.2965. Moreover, the support is strong, and breaking through it will give the market confidence in breaking through the entire accumulation range, by reducing to the second target 1.2820 at the Fibonacci level of 138.2%. Next, we are waiting for a successful consolidation with going out of this range and testing the Fibonacci level of 123.6% at the price of 1.2730 as well as another break through to 1.2582 - the top of September 20. Meanwhile, the signal line of the Marlin oscillator in the zone of a declining trend.
On the four-hour chart, Marlin is not generating a strong convergence. Thus, the price will rise slightly probably before the attack at 1.2965.
The correction may be based on today's data on the UK balance of payments for the 3rd quarter (forecast -15.7 billion pounds against -25.2 billion in the 2nd quarter) for GDP over the same period - a forecast of 0.3%, as in the 2nd quarter. Later, data on US GDP for the 3rd quarter will be released in the final assessment, the forecast is 2.1% (unchanged) and data on personal income and expenditure of consumers for November: income forecast 0.3%, expenses 0.4%. As we can see, the forecasts are strong enough to expect an attack on the pound. The only question is whether large players want this on Friday.
The material has been provided by InstaForex Company - www.instaforex.com