The British pound opens the week with an increasing gap for the second consecutive week. This is a negative sign for the pound. The price met resistance from the MACD indicator line of the daily scale. If in the process of closing the gap the price falls below 1.1170, then further advance to 1.0805 may already be more successful than it happened on Friday.
To consolidate the growing short-term trend, the price needs to go above the resistance of 1.1500. Growth can continue in this case up to 1.1760. At this level, short-term growth may end and the price will still return to closing today’s gap. The UK October PMI will be released today.
The forecast for Manufacturing PMI suggests a decline from 48.4 to 48.0 points, for Services PMI from 50.0 to 49.6. The gap is likely to close sooner rather than later.
On the four-hour chart, the price looks fixed above the MACD line, an open window creates a sign of false consolidation. A decline under the MACD line, below the level of 1.1282, will return the mood to overcome the support of 1.1170. The Marlin Oscillator will already be in the negative area by this time.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
