On Friday, the British pound gained 46 points, having failed to overcome the resistance of the embedded line of the price channel of the daily chart. A divergence with the Marlin oscillator formed on the four-hour chart, which lowers the pound’s chances of overcoming the resistance and growth to the balance line of the daily chart (1.2830).
Today’s release of economic data for the UK is expected to worsen. Industrial production in April is expected to decrease by -0.7%, the volume of production in the manufacturing industry is expected to decline by 1.1%. The trade balance for April may slightly improve – the forecast is -13.1 billion pounds against -13.7 billion a month earlier. GDP for April is expected to decline by 0.1%.
As a consequence of the factors, we are waiting for the pound to decline to the MACD line of the four-hour scale in the area of 1.2610 (in the process of price reduction, the MACD line itself will also decrease). Next, the target is 1.2530.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD
On Friday, the British pound gained 46 points, having failed to overcome the resistance of the embedded line of the price channel of the daily chart. A divergence with the Marlin oscillator formed on the four-hour chart, which lowers the pound’s chances of overcoming the resistance and growth to the balance line of the daily chart (1.2830).
Today’s release of economic data for the UK is expected to worsen. Industrial production in April is expected to decrease by -0.7%, the volume of production in the manufacturing industry is expected to decline by 1.1%. The trade balance for April may slightly improve – the forecast is -13.1 billion pounds against -13.7 billion a month earlier. GDP for April is expected to decline by 0.1%.
As a consequence of the factors, we are waiting for the pound to decline to the MACD line of the four-hour scale in the area of 1.2610 (in the process of price reduction, the MACD line itself will also decrease). Next, the target is 1.2530.
The material has been provided by InstaForex Company – www.instaforex.com
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