By Monday morning, the situation on the market for the British pound remains with the closing of Thursday last week – quotes at the closing level on October 31. In general, the pound is in a very wide neutral range of 1.2750-1.3040 with the intention to go down rather than up, as the Marlin oscillator has been declining for a long time.
As seen on the four-hour chart, the price is located between the balance lines and the MACD, the Marlin decreases, but without advancing the price and remains in the zone of positive trend. The nearest movement may be the price growth to the MACD line at 1.3000 to work it out before a possible reversal or fixing it to continue growth. In this case, the first target will be the level of 1.3040.
The first support in a bearish scenario will be the level of the nearest lows of 1.2840, leaving under which opens the target of 1.2750.
Today, the index of business activity in the construction sector in the UK for October is expected to increase the index from 43.3 to 44.3, and the volume of factory orders in the US for September is projected to decline by -0.5% after August -0.1%. As a result, we expect the pound to rise to the nearest target of 1.3000.
Origin: InstaForex
