GBP/USD

GBP USD forecast, November 19, 2018

Current trend, On Thursday, GBP fell against the entire market. Investors are disappointed after the resignation of four British ministers, including Brexit minister Dominic Raab. In his letter to Prime Minister Theresa May, he stated that he could not agree to the deal since it violated the promises made by the Conservative Party to British citizens. It weakens the position of May before the battle in parliament, which now may ratify the draft treaty with the EU. If the Prime Minister does not convince the deputies, then not only the “tight” exit of Great Britain from the EU but also a serious internal political crisis is possible. Labor Party representatives stated that without the deal, they will insist on a new general election and, possibly, on holding a repeat referendum.

GBP USD forecast, November 19, 2018

Today, US October Industrial Production will be published, which may fall from 0.3% to 0.2%. It may not support GBP since investors are focused on Brexit.

Support and resistance

Now the price is testing the level of 1.2817 (Murrey [2/8]). After the breakout, it may grow to 1.2878 (Murrey [3/8]) and 1.2940 (Murrey [4/8], the midline of Bollinger bands). A breakdown to 1.2756 (Murrey [1/8]) will let the instrument fall to 1.2695 (Murrey [0/8]) and 1.2634 (Murrey [–1/8]).

Technical indicators suggest a decline. Bollinger bands are directed downwards. Stochastic is trying to reverse downwards. MACD grows in the negative zone. However, corrective growth within the downward trend is not excluded.

Resistance levels: 1.2817, 1.2878, 1.2940.

Support levels: 1.2756, 1.2695, 1.2634.

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Trading tips

Long positions can be opened from 1.2840 with the targets at 1.3000, 1.3061 and stop loss 1.2810.

Short positions can be opened below 1.2756 with the targets at 1.2695, 1.2634 and stop loss around ​​1.2780.

Implementation period: 4–5 days.

 

Scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.2840
Take Profit 1.3000, 1.3061
Stop Loss 1.2810
Key Levels 1.2634, 1.2695, 1.2756, 1.2817, 1.2878, 1.2940

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 1.2750
Take Profit 1.2695, 1.2634
Stop Loss 1.2780
Key Levels 1.2634, 1.2695, 1.2756, 1.2817, 1.2878, 1.2940

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