Today, the British pound opened with a bullish gap of 50 pips. Typically, after reaching the nearest resistance level (in this case, 1.2994), the price would turn around to close the gap. However, the situation is anything but typical, with the U.S. presidential election on November 5-6 and monetary policy decisions from the Federal Reserve and Bank of England on November 7.
There are even rumors (or, more precisely, views from some commentators in the Western press) that the BoE might lower the rate by 0.50%. This anticipation of significant events in the coming days has created an apparent overload in the market.
In this environment, it’s impossible to calculate the currency’s movement precisely. For now, the pound shows a tendency to rise, meaning that if it moves above the resistance at 1.2994, the price may continue upward toward 1.3080. Whether it has the strength for further growth will become apparent after the election. The convergence between the price and the Marlin oscillator is still in effect.
On the H4 chart, the situation remains entirely bullish—the price rises above both indicator lines, and the Marlin oscillator is also climbing after moving into positive territory this morning. Moving below the MACD line (1.2915) would extend the decline to the first target of 1.2859.
*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 28 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
