For Traders

Analytical Reviews

Technical analysis

11.06.201906:37 Forex Analysis & Reviews: Forecast for GBP/USD for June 11, 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 Monday, the British pound lost 52 points due to the release of bad economic data. Industrial production in April fell by 2.7% against the forecast of -0.7%, GDP for April fell by -0.4% against the expectation of -0.1%.

The price turned from the resistance of the embedded line of the price channel of the daily chart, at the same time the line of Marlin turned from the border with the growth area.

On the four-hour chart, the Marlin oscillator signal line is fixed in the negative zone, at the moment the price is testing the red indicator balance line for durability. Leaving the price below the balance line will mean a trend shift towards the direction of a decline. We expect that the price will cope with this support and with the support of the MACD line (1.2633) due to the trend of daily scale, the goal of reducing 1.2610 is the low of August 15, 2018.

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.