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16.11.201808:11 Forex Analysis & Reviews: GBP / USD Forecast for November 16, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP / USD

The tragedy of the British pound on Thursday broke out rapidly. Brexit Minister Dominic Raab and Northern Ireland Affairs Sheiles Vara, resigned due to disagreement with the Prime Minister's position on the EU deal. In turn, Teresa May confirmed her intention to leave the EU no later than March 29, 2019. The data on October retail sales were pessimistic: -0.5% against expectations of a 0.2% growth after the September decline of -0.4%. In the US, retail sales showed an increase of 0.8%. As a result, the pound sterling collapsed by 214 points.

Exchange Rates 16.11.2018 analysis

On the daily scale chart, the price went under the trend line of the price channel. In both charts - daily and H4, there is not a single sign for price reversal up except that convergence with the Marlin oscillator on the four-hour chart. But in this case, the pattern can be taken as an artifact as a tool's reaction to previous strong movements.

The volume of industrial production in the US in October today may show an increase of 0.2%. We ook forward to further decline of the pound to support the underlying trend line in the area of 1.2580.

Laurie Bailey
Analytical expert of InstaForex
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