The forecast for GBP / USD on October 24, 2018
October 24, 2018 3:25 pmVideo
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GBP / USD
On Tuesday, the British pound worked exactly the entire range of 1.2936-1.3042 is defined on a relatively calm news background. At the same time, the situation becomes more complicated. On the scale of the daily chart, the price is between the balance lines and Kruzenshtern with a declining marlin oscillator. On a four-hour scale, the price is under both indicator lines, but Marlin does not visually want to infiltrate the growth zone, thus forming double convergence.
In general, the technical situation has become clearer, but it has not changed. In the case of a price above 1.3042, a slight increase is possible to the Kruzenshtern line resistance on the four-hour chart 1.3048. In the case of overcoming the support level at 1.2936, we expect a further decline to support the trend line of the price channel at 1.2844.
Today, Markit’s PMIs will be released in the US in October. A decrease from 55.6 to 55.4 is expected in the manufacturing sector, and an increase from 53.5 to 54.1 in the services sector. Sales of new homes in September are expected with a slight decrease of 627 thousand versus 629 thousand in August. Taking into account that yesterday’s growth in the US stock market was aimed at bridging the decline of the Asian session, which remained unobstructed. Today, the growth may continue. If the data come out at the level of expectations, they will not greatly interfere with the planned growth. With this development, counterdollar currencies will have little chance of growth.
The material has been provided by InstaForex Company – www.instaforex.com
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