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04.12.201808:27 Forex Analysis & Reviews: Forecast of GBP / USD pair on December 4, 2018

Long-term review

GBP / USD pair

The British pound put a lot of effort on the attack of technical resistance. The nested line of the price channel is found on the daily scale and the MACD line on the four-hour. A good British business activity in the manufacturing sector helped the pound as the index was 53.1 in November against the expected 51.6. Later, the American ISM Manufacturing PMI came out, showing an increase from 57.7 to 59.3 with the result of the pound closed the day by dropping 30 points.

But this is all, of course, a short-term speculative game. Indicators of trading volumes indicate that sales from 1.2800 / 10 have already closed at 1.2720. On Tuesday next week, the British parliament votes for Brexit.

Taking into account the frequent attacks of the prices of the MACD line on the four-hour chart, the current correction can also be expected in the area of this line (1.2772). It is possible and higher since the price convergence with the Marlin oscillator has formed on the H4 chart. If the correction does not develop, the convergence will disappear as soon as the price drops to the minimum of yesterday. In this case, the price will again target the area of 1.2550.

Exchange Rates 04.12.2018 analysis

Exchange Rates 04.12.2018 analysis

*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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