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Forecast of GBP / USD for October 15, 2018

GBP / USD

The British pound could not withstand the voltage on the strong resistance of the price channel line and fell on Friday by 76 points. Also, investors preferred to close positions before the new week of uncertainty on the Brexit negotiations. Previously, information was circulated that some consensus could already be reached on key provisions of the treaty, but it is likely that there will not be a consensus not only today, but until the end of the week. As a result, the pound opened the week with a gap of 68 points. The fall was stopped by the line of balance on the daily chart and the Kruzenshtern line at the four o'clock position. In the confrontation of today's news on Brexit and US statistics, gap can be closed. In the event of a breakthrough in the negotiations, the pound can overcome such strong resistance, from which the price has twice turned down on the daily chart, and grow to the range of 1.3362-1.3410.

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In the US, retail sales for September are expected to increase by 0.7%, basic sales (excluding transport) are expected to increase by 0.4%. The index of business activity in the manufacturing sector of New York in October is projected to 20.4 points against 19.0 a month earlier.

On the daily chart, the Marlin oscillator line touched the border with the territory of decline, which currently creates a balance situation that is equally likely to move in both directions. Also, the price itself is on the balance line on both the daily and four-hour charts.

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