29.11.2023 05:29 AM
Forecast for GBP/USD on November 29, 2023


Yesterday, the British pound gained 67 pips. The wedge-shaped formation of the Marlin oscillator's signal line, as we expected, has taken the form of an almost horizontal range. If the range persists over time, we expect a correction from the level of 1.2745. If Marlin breaks above the range, the next target will be 1.2837 (the peak of June 22).

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The U.S. GDP indicator for the 3rd quarter will be the main event of the day. The forecast for it is 4.9%. Consumer spending for the same period is expected to increase by 4.0%. Such indicators can significantly increase investor risk appetite – they will start buying stock market instruments and risk currencies, i.e., getting rid of the dollar as a safe-haven currency.

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On the 4-hour chart, the price is confidently rising above both indicator lines, and the Marlin oscillator is in a stable upward movement. If the price consolidates above 1.2745, we expect the pair to continue rising to 1.2837.

Laurie Bailey,
Analytical expert of InstaTrade
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