11.02.201908:33 Forex Analysis & Reviews: Forecast for GBP / USD pair on February 11, 2019

GBP / USD pair

Friday passed without noticeable changes in the technical perspective of the British pound. Even the Marlin oscillator signal line continues to move along slightly above the zero line on the four-hour chart.

Today, the GDP data release is scheduled to be released in the UK. The December forecast assumes a zero increase and 0.3% for the 4th quarter versus 0.6% in the 3rd quarter. The volume of industrial production for December is expected to increase by 0.1% after the previous compression of -0.4%. Forecast for the UK trade balance for December is expected at the level of November at -12.0 billion pounds. The balance of trade without taking into account the EU countries may show improvement from -3.9 billion pounds to -3.7 billion in the area of 1.2992. Better than forecasts data will be able to increase the correction to the resistance of the MACD indicator line in the 1.3044 area on the four-hour chart.

Hence, the correction can be considered as the main scenario. In the case of negative data, the price may go below the support of MACD at 1.2883 on the daily timeframe, which further lowers the price to the level of 1.2784, which was the minimum of September 5.