28.11.2022 04:34 AM
Forecast for GBP/USD on November 28, 2022

A double divergence has already formed on the daily chart. If the price doesn't form a triple divergence, then it is already time for it to reverse to a medium-term decline. We can confirm such a reversal once the price has settled below the level of 1.1940.

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The UK retail sales index for November will be released today - forecast is 2 vs. 18 in October. The data will help the price choose its direction according to our main scenario. Once it crosses 1.1940, then the price could reach 1.1737 target, and even 1.1500.

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On the four-hour chart, the price tries to cross the support at 1.1940. The MACD line is above this level. Accordingly, moving away from the level will correspond to the MACD line moving away from it as well. This will be the first, even so, a qualitative signal of the reversal. Also, the Marlin oscillator seems to move into negative territory before the price goes under support. The extended divergence is also putting pressure on the price.

Laurie Bailey,
Analytical expert of InstaForex
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