Support & Resistance

Forecast for GBP/USD on October 26, 2022

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Yesterday, along with the rest of the market, the pound sterling rose. The target level of 1.1500 was reached (taking into account fluctuations), a rollback from resistance is observed this morning. Consolidating above 1.1500 opens the way for further growth with the first target at 1.1760.


Returning to the area under the MACD line of the daily scale (1.1336) will return the pound to the positions of October 20, to support 1.1170, leaving under which opens the target along the price channel line at 1.0800.


The price divergence with the oscillator holds the growth on a four-hour timeframe, at least allowing the price to consolidate below the 1.1500 resistance. The lower boundary of the consolidation is the MACD indicator line (1.1350). Together with the MACD line of the daily period, a support range of 1.1336/50 is created.

The material has been provided by InstaForex Company –