empty
 
 
19.10.2020 05:26 AM
Forecast for GBP/USD on October 19, 2020

GBP/USD

The pound sterling met two strong negative factors at once last Friday: the announcement of the 3rd level quarantine in Lancashire (with the closure of pubs) and Prime Minister Boris Johnson's statement about Great Britain's preparation regarding its relations with the EU along the lines of the EU-Australia, which is practically Brexit without a deal, without access to the EU internal market. The intraday fluctuations of the pound reached 100 points and it seems like it simply did not have time to show a noticeable drop before the stock exchanges closed.

This image is no longer relevant

Today opened with a falling gap, it closed and at the moment the price has stopped before the balance indicator line. Marlin showed slight growth in the positive zone. In general, the situation is neutral, the market is waiting for a push from the outside.

This image is no longer relevant

The price develops below the balance line (red indicator) and the MACD line (blue indicator) on the four-hour chart, while the Marlin oscillator is in the negative zone. When the price falls below Friday's low of 1.2861, this will be a signal to move to the first target at 1.2674. This is the main scenario. It is possible for the correction to continue up to the MACD line at 1.3020.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback