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09.11.201813:25 Forex Analysis & Reviews: Forecast for GBP / USD pair on November 9, 2018

Long-term review

GBP / USD pair

Against the background of yesterday's strengthening of the dollar, with USD index showing 0.47%, investors did not expect with hopes for good news on Brexit but bought a few dollars along with the market. The pound lost 64 points.

Today, the UK expects optimistic GDP data for the 3rd quarter, and this may prevent further decline. The forecast assumes an increase of 0.6% versus 0.4% earlier and the annual growth is expected from 1.2% to 1.5%. Technically, the price may linger on the support of the balance line at the level of 1.3028 on the four-hour chart. Furthermore, the price will meet the support of the MACD trend line for a daily in the area of 1.2975.

Exchange Rates 09.11.2018 analysis

Exchange Rates 09.11.2018 analysis

Nevertheless, the pound is now constantly at risk of unexpected news regarding the Brexit talks, referring to the time of their announcement, and the expected being optimistic.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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