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02.12.202205:37 Forex Analysis & Reviews: Forecast for GBP/USD on December 2, 2022

The pound is trying really hard (and possibly due to recklessness) to work using the expected weakness of the Federal Reserve and today's US jobs data. The forecast for new non-farm jobs is 200,000 against 261,000 in October. The pound gained 1.73% yesterday.

Exchange Rates 02.12.2022 analysis

The Marlin oscillator is extremely subdued, it is developing in a horizontal channel with the intention of going down. It is possible for the oscillator to move up from this range, but then the price shouldn't rise by less than 2% for the day, which is unlikely. The nearest target is 1.2410 - low of April and high of June 16. If the price settles above the level, the next target will be the 1.2598-1.2666 range - the double top of May.

Exchange Rates 02.12.2022 analysis

On the four-hour chart, the price settled above the level of 1.2200. The divergence of the price with the Marlin oscillator, which is about to occur, suggests that the pace of growth will likely slow down. For now we wait for the price to reach the target level of 1.2410.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Laurie Bailey,
Analytical expert of InstaSpot
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