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Forecast for GBP/USD on October 18, 2019

GBP/USD

Pound speculation reached its peak. Yesterday, the trading range was 240 points, daily growth showed a total of 60 points. So the market once again reacted to Brexit news - it became known that the EU and Great Britain came to some version of the deal, which is still subject to approval by the British Parliament tomorrow on Saturday. The details of the contract are not specified, but, they say, this is actually May's previous deal with finalization along the Irish border - customs posts will be on the border with England.

On the daily chart, the price broke through the Fibonacci level of 100.0%, noted an overlying level of 76.4% (1.2988) and this morning returned to the level of 100.0%. Today is a day of respite, and on Monday the markets will work out the result of voting in the English Parliament. Irish Unionists have already announced their intention to vote against the deal, but there is still time until Saturday.

Ultimately, regardless of whether this deal will be adopted or not, we expect the pound to fall on Monday on the traditional market effect of sales. In fact, the price has risen very high on expectations in the last seven sessions, more than seven figures.

analytics5da94ab5bb64a.png

On the daily chart, the precursor of a reversal is the reversal of the signal line of the Marlin oscillator from the overbought zone. The purpose of the reduction is the Fibonacci level of 161.8% at the price of 1.2548. The growth of the current week began from the same level. There is also strong technical support for the highs of September and the lows of June.

analytics5da94acab7d0d.png

A triple divergence has already formed on the four-hour chart according to Marlin, the signal line is close to the boundary with the territory of the "bears".

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