Forecast for EUR / USD pair on October 31, 2018
GBP / USD pair
On Tuesday, the British pound lost 85 points due to the general strengthening of the dollar with optimism in the stock markets. The S & P500 grew by 1.57% and the dollar index by 0.32%. The balance of retail sales in the UK from CBI in October collapsed from 23 to 5 against expectations of growth by 27 points. Now the movement of the British currency may be slowed down due to the expectations of investors of tomorrow’s meeting of the Bank of England on monetary policy. It is expected that it will be similar to the previous of a neutral tone since the political conditions regarding Brexit did not changed.
We look forward to the reduction of the British pound in support of the embedded line of the declining price channel in the weekly timeframe (1.2620). There are no reversal signs on the H4 chart.