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Forecast for GBP/USD on Oct 30, 2019
GBP/USD
The British Labour Party did not torment Prime Minister Boris Johnson for too long, as yesterday it agreed to hold early elections in December. On this news, the falling pound returned to the opening level of the day, where it ended the trading session. This morning the price is at the Fibonacci level of 100.0%, the Marlin oscillator continues to decline. The tension has subsided for at least a month, now investors can focus on the economy and the general situation in the world.
On the four-hour chart, Marlin entered the growth zone, but the price remains below the balance line (indicator red) and the MACD line, which is even higher. Without risk for a downward trend, the price can still grow to this line (1.2955), but going above it will create a risk of further growth to the Fibonacci level of 61.8% at 1.3063.
The main scenario remains unchanged – the British pound’s fall to the Fibonacci level of 123.6% at the price of 1.2744, consolidation under which will open the way to the Fibonacci level of 161.8% at the price of 1.2548.
The material has been provided by InstaForex Company – www.instaforex.com
