For Traders

Analytical Reviews

Technical analysis

29.10.201808:46 Forex Analysis & Reviews: GBP/USD Forecast for 29 October 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD

On Friday, the British pound grew by 13 points. The growth was stopped by the downward embedded line in the price channel. At the moment, the price is still testing this line with the support of the upward convergence on the chart of the lower timeframe. If the price manages to overcome this resistance, then a corrective price growth to the level of 1.2936 is possible - this is the low on October 23, and the Krusenstern line converges to this point both on the four-hour chart and on the daily chart.

The low of yesterday (1.2776) becomes the control level. Its overcoming will lead to a further decline in the price to the lower border of the channel in the area of 1.2618.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.