Forecast for GBP / USD as of August 28, 2018

GBP / USD

The British pound surprisingly stubbornly resists the weakening of the dollar. Against the background of yesterday's fall of the dollar index by 0.40% and the growth of the euro by 56 points, the pound added only 44 points. However, in the UK yesterday was a day off, a national holiday. Nevertheless, the price went above the Kruzenshtern trend line, moving to the upper border of the price channel (1.2960 and, of course, it's a nested line in a higher-level channel).

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The outlook for further growth of the pound is currently weaker than that of the euro; the Marlin signal line has not yet passed into the growth zone, there is no actual price fixing over the Kruzenshtern line, even on the four-hour chart, Marlin remains in a negative trend. The growth of the pound may continue after overcoming the price of the high of yesterday. The first target 1.2960 is actually already open, overcoming it will allow to take the level of 1.3102 as the next target, this is the minimum of July 13 and June 21.

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On the four-hour chart, the price is trying to push the support of the balance line. The fastening under it can drop the quotation to support the Kruzenshtern line (1.2794). But the growth scenario has a little more probability.

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