The forecast for GBP / USD on November 1, 2018

GBP / USD

Yesterday, the British pound rose at the moment by 124 points, having to retest the trend nested line of the price channel on the daily chart. Investors were quite nervously preparing at today's meeting of the Bank of England and just as nervously perceived the words of the British Brexit negotiator Dominic Raab that it is possible to conclude an agreement before November 21. Nervously, because he did not say that the treaty would be concluded before this date, and so it is necessary for the legislators to ratify it. So the head of the foreign affairs department D. Hunt commented on the words of Raab. But today in the Asian session, the pound is growing more than other currencies, having already overcome the trend line, which could not be overcome yesterday.

We do not expect any change in the rhetoric of the head of the Central Bank Mark Carney, if only because he, unlike other central bankers, does not try to confuse the markets.

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As a result, there is a full correction. If the price overcomes the resistance of the Kruzenshtern trend line on the four-hour chart (1.2870), the correction can continue to the Fibonacci level of 38.2%, where the Kruzenshtern line is also on the daily chart. Also at this level (1.2920) strong resistance of the minimum on October 3.

If correctional excitement today runs out, we are waiting for the price to return to the minimum of yesterday and continue to support the trend line of the price channel in the area of 1.2610.

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