Instaforex Analysis

[InstaForex Gertrude]

GBP/USD Forecast for 29 October 2018

GBP/USD

On Friday, the British pound grew by 13 points. The growth was stopped by the downward embedded line in the price channel. At the moment, the price is still testing this line with the support of the upward convergence on the chart of the lower timeframe. If the price manages to overcome this resistance, then a corrective price growth to the level of 1.2936 is possible - this is the low on October 23, and the Krusenstern line converges to this point both on the four-hour chart and on the daily chart.

The low of yesterday (1.2776) becomes the control level. Its overcoming will lead to a further decline in the price to the lower border of the channel in the area of 1.2618.


Analysis are provided by InstaForex

[Jesse Ryder]

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