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10.06.201906:22 Forex Analysis & Reviews: Forecast for GBP/USD for June 10, 2019

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 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).

Exchange Rates 10.06.2019 analysis

Exchange Rates 10.06.2019 analysis

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.

Laurie Bailey
Analytical expert of InstaForex
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