Forecast for GBP/USD on Oct 11, 2019

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GBP/USD

On Thursday, the British pound showed enchanting growth of 238 points on the news of the preliminary agreement of British Prime Minister Boris Johnson with Irish Prime Minister Leo Varadkar on customs and border issues under the Brexit agreement. No details of the arrangements were made, but markets rallied and outstripped the events. The EU expressed its willingness to postpone the Brexit date. Everything will be decided at the emergency EU summit next week.

The pound is not far from the embedded line of the falling price channel, to the target of 1.2490. Price output above resistance may still continue to rise to the Fibonacci level of 161.8% at the price of 1.2548. The Marlin oscillator is not growing willingly, this indicates that the market is not ready to pick up growth. According to dealers, it occurred mainly due to broken restrictive orders of sellers. Indeed, there are no fundamental reasons for purchases – only brief information on the readiness to resolve the customs issue has passed.

So, we are waiting for the correctional decline of the British pound to achieve the first goal of 1.2490, or the second goal 1.2548.

On a four-hour chart, the price is above the indicator lines, the Marlin oscillator in the growth zone, shows the first signs of cooling.

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

Source:: Forecast for GBP/USD on October 11, 2019

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