Forecast for GBP / USD for February 5, 2019

GBP / USD

The British pound continues to decline under the pressure of uncertainty at the final stage of the Brexit agreement. Over the past month, the index of business activity in the UK construction sector fell from 52.8 to 50.6. On the four-hour chart, the trend is completely decreasing, on the daily scale, the price needs to be fixed under the price channel line (1.3004) in order to continue to decline towards the support of the Kruzenshtern line around 1.2880. Fixing under this line will allow considering lower target levels, for example, 1.2625, support for the downstream nested line of the price channel.

The upward price movement is also possible, since formally on the daily timeframe, the price is still in an upward trend. A reversal may occur from the level of 1.3004, which may coincide with the reversal of the Marlin signal line from the border with the territory of decline. This is also prevented by weak price convergence with the Marlin indicator on the lower chart. The growth of prices, in this case, is difficult to determine, perhaps, to the Kruzenshtern line on H4 - 1.3130, and then down again.

sF8_Bike4DiN5zWu-Ms9EYxAdaE_d62RieLnPvN1

TV2gFAoWu4c1K4_Wxw11J8ce3TbzDDkGh_fR-0O-

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