Forecast of the currency pair GBP / USD for October 4, 2018


The British pound continued to decline yesterday, under pressure from the dollar. Also, Services PMI for September showed a decline from 54.3 to 53.9.

Technically, the price goes down along the balance line for the third day. Without a decisive breakthrough of this line and further the Kruzenshtern line, the pound retains the risk of an upward correction. If the price continues to slowly decrease, then upon reaching the nested trend line in the area of 1.2880, the balance line will still be below the price and the spring effect will work.


Today in the United States comes the volume of factory orders for August, a forecast of 2.2%. Tomorrow, we will learn about the growth of jobs outside the agricultural sector, the forecast of 185 thousand, and the growth of salaries, the forecast of 0.3% m / m. The unemployment rate is expected to decline to 3.8% from 3.9% previously. If the data does not fail, then we wait for the price to support the trend line at 1.2661 in the coming days. Otherwise, the same "spring effect" will work, and convergence on H4 may be a help. Approximately up to the level of 1.3052, where the Kruzenshtern line is aiming for on the four-hour chart. It is also a minimum of September 21.


The material has been provided by InstaForex Company -