empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

11.07.201906:32 Forex Analysis & Reviews: Forecast for GBP/USD on July 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

As a result of yesterday, the pound sterling grew by 42 points - the pessimistic speech of the Fed Chairman Jerome Powell in Congress was superimposed on the moderately positive economic data for the UK. UK GDP in May reached an expected 0.3% against -0.4% in April, the trade balance in May improved from -12.8 billion pounds to -11.5 billion, industrial production for the same period increased by 1.4 %, but this indicator is still weak, taking into account the previous drop of 2.9%. In front of Congress, Jerome Powell accentuated the risks to the economy, which increased the expectations of investors of a double rate cut by the end of the year.

Exchange Rates 11.07.2019 analysis

On the daily chart, the Marlin oscillator showed a weak convergence, which makes it possible for correctional growth to continue for another 1-2 days, approximately to the May 23 high (1.2604). Overcoming the level will allow the price to rise higher, towards the price channel line (1.2668).

On the four-hour chart, the downward price from the 1.2480-1.2556 range turned out to be false, which makes it possible to expect a high probability over the upper limit, as a result of which the price will automatically be above the MACD line.

from decline, and on the four-hour chart this line will already be in the overbought zone. We expect a reversal from the level of 1.2604 down. The situation may be delayed, then another rise to 1.2668 is likely, where the MACD daily scale line is aimed.

Exchange Rates 11.07.2019 analysis

Consolidation above the resistance will push the price to a target level of 1.2604. Here, the Marlin oscillator signal line on the daily will meet with the boundary that separates growth.

Laurie Bailey
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off