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Forecast for GBP/USD on January 31, 2019

GBP/USD

Yesterday's growth of the British pound on a very "soft" statement of the Federal Reserve was sluggish, the growth was 51 points. Investors are still concerned about the uncertainty of Brexit, but parliamentarians managed to pass a law banning exit from the EU without a deal. The deal (agreement) already exists, and if the EU does not make any concessions, the option of Theresa May will be accepted. The current situation makes our scenario of the pound's reversal even more distinct after its slight growth on the fact that there is an exit from the bloc with a deal - investors burn out and the excitement subsides.

In the current situation, the pound is above the balance lines and Krusenstern lines on the four-hour chart. The growth trend continues.

Today, the US will release data on sales of new homes for November, the forecast is 569 thousand against 544 thousand in October. Tomorrow, according to Non-Farm Employment Change, a quite good figure of 165 thousand is expected in January. Taking into account yesterday's inconspicuous growth of the pound, it can now decline to support the trend line of the price channel in the 1.3010 area. If the data disappoints, the growth will continue to the previously designated target levels of 1.3216, 1.3257, 1.3310.

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