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19.10.201807:21 Forex Analysis & Reviews: Forecast for GBP / USD pair on October 18, 2018

Long-term review

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GBP / USD pair

The release of British inflation data and Angela Merkel's statement about the high probability of Brexit without a deal resulted to a decrease of sterling by 67 points. The base CPI in September was 1.9% y/y against expectations of 2.0% y/y and 2.1% y/y in August. Total CPI decreased from 2.7% y/y to 2.4% y/y but the forecast was 2.6% y/y.

The price fixed below the trend indicator line on the four-hour timeframe chart. The Marlin oscillator signal lines in negative zone on both timeframes. The immediate goal for bears is to support the balance line at daily 1.3060. Below it is the level of 1.3015, where there is a cluster of historical consolidations and turns. The third target is the minimum of October at 1.2920, and the MACD line (indicator trend line) on the daily chart also runs here.

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