GBP / USD Forecast for November 20, 2018

British pound added 21 points on Monday remaining under pressure from the balance line on the four-hour scale of the chart – the general weakness of the dollar helped the pound hold its positions in anticipation of the Brexit decisive agreements. But today, the main question will concern the issue of confidence to Teresa May -the Conservative Party should make this verdict by vote. There are no forecasts on voting, the intrigue remains. If members of the same party express mistrust to Teresa May, a reappointment of the Prime Minister will start which may hurt the achievement of the final Brexit agreement, which is generally beneficial for the UK. The EU Summit on the 25th may simply be canceled. And the British pound is only down the road.

But the Conservative Party can retain confidence in the prime minister. In this case, the optimism of the pound sterling will still be a bit, a “slight fright” effect may occur. Accordingly, with any outcome of the voting, we are waiting for the price reduction at one speed or another. Leaving prices below support 1.2790 (line price channel on the daily) opens the way to the next nested line in the area 1.2575.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: GBP / USD Forecast for November 20, 2018