Forecast for GBP/USD on Nov 8, 2019

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GBP/USD

The British pound lost 34 points yesterday on the news that two members of the Bank of England Monetary Policy Committee voted to lower the rate. The head of the BoE, Mark Carney, hastened to assure the investment community that the regulator would not change policy until there was so much uncertainty in the world, the rate could be lowered in the future for three years, and the central bank’s economic forecasts, although weak, were all due to Boris Johnson’s Brexit scenario. The BoE lowered next year’s GDP from 1.3% to 1.2%. And even in the event of a “hard” Brexit, the regulator will not rush to adjust, preferring to wait for the reaction of the economy.

The pair quotes went below the signal level of 1.2840, the signal line of the Marlin oscillator, as we expected, at the same moment has crossed the boundary of the bear territory. Target levels can be taken sequentially: 1.2748 (October 17 low), 1.2703 (October 11 high), 1.2650 (October 14 high).

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On the four-hour chart, a decrease in the price is expected for all indicators, there are no signs of a reversal or deep correction.

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

Source:: Forecast for GBP/USD on November 8, 2019

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