Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Forecast of GBP / USD pair for November 6, 2018

November 7, 2018 Analytics

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GBP / USD pair

On Monday, the British pound rose by 31 points due to information about a possible change in the status of the Irish border in the Brexit talks. As reported, the negotiators reached agreement on all points of the transaction and the question of the border remained the only one. But if her status is somewhat changed, the UK is likely to receive additional preferences.

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Technically, all indicators except the balance line on a daily scale indicate the growth of the British pound as the price is below this line. This is a sign that the price for today and tomorrow will receive a slowdown and the balance will shift lower, after which a sharp rise in price is possible. The first goal of such growth is the resistance of the trend line of the price channel on the daily chart around 1.3178. Then the Fibonacci reaction level is 110.0% at the price of 1.3312. If markets fall under massive speculation on the basis of elections, the price may turn from the first or second intermediate goal and return to 1.2910 or further below to 1.2808.

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

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