Forecast for GBP / USD pair on December 7, 2018

GBP / USD pair

On Thursday, the British pound grew by 49 points in anticipation of a positive outcome of the parliament voting on Brexit. on December 11. In the long run, we do not believe that the British currency can grow high since good conditions for a "divorce" will not accelerate the growth of the British economy (exactly the same as retaining as part of the EU). Soft Brexit is a purely psychological aspect of pound growth.

Currently, the price is above the embedded line of the price channel on the daily chart. The signal line of the Marlin oscillator touched the border with the territory of positive numbers (trend growth zone). and if you vote for the May-EU agreement, the potential growth of the pound can be to the upper priceline channel in the area of 1.3110. The first growth target is the MACD trend line resistance at 1.2966.

The negative scenario is a decline of the pound to the downstream line of the price channel at 1.2540. We do not drop from the account until the very moment of voting and the reaction of the British currency to it. Especially since we are adjusting our forecast due only to market expectations, our own conclusions and some optimism from the British media but what the decision of the parliament will be is still not clear.

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On the four-hour chart, Marlin indicates a rising trend and this trend has already moved the price above the trend indicator line and the balance line.

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