Forecast for GBP/USD for June 11, 2019

GBP/USD

On Monday, the British pound lost 52 points due to the release of bad economic data. Industrial production in April fell by 2.7% against the forecast of -0.7%, GDP for April fell by -0.4% against the expectation of -0.1%.

The price turned from the resistance of the embedded line of the price channel of the daily chart, at the same time the line of Marlin turned from the border with the growth area.

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On the four-hour chart, the Marlin oscillator signal line is fixed in the negative zone, at the moment the price is testing the red indicator balance line for durability. Leaving the price below the balance line will mean a trend shift towards the direction of a decline. We expect that the price will cope with this support and with the support of the MACD line (1.2633) due to the trend of daily scale, the goal of reducing 1.2610 is the low of August 15, 2018.

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