Yesterday, the British pound made the first attempt to turn around from the resistance of 1.1940, in fact, it had an idea to make a correction from the entire 16-figure growth since September 26. The task is difficult, so the price has not yet decided to attack the support at 1.1737. The price divergence with the Marlin Oscillator is gaining momentum.
Such an attack will probably take place next week. The immediate task is for the price to not go up after testing this support.
UK retail sales data will be released today – forecast for October is 0.3% after the September collapse of 1.4%. The forecast for sales of secondary housing in the US in October is 4.38 million against 4.71 million a month earlier, so in the end we do not expect active dollar action in the fight against the pound today.
The price received support from the balance indicator line on the H4 chart. The Marlin Oscillator is in the downward trend area. Therefore, the development of growth is still difficult. At the moment, the main scenario for the pound is a sideways movement in the range of 1.1737-1.1940.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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