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Gold Price Trend Forecast Summer 2019

British Pound Breaks Channel Support Following BOE Inflation Report

Currencies / British Pound Nov 12, 2014 - 06:35 PM GMT

By: Gregor_Horvat

Currencies

USD is mixed across the board but we see in a strong shape against the pound after BoE forecasts that the inflation rate will fall below 1% within 6 months, and rise toward the 2% target by the end of the 3-year forecast period. The bank also cut the GDP forecast by 0.2% for both 2015 and 2016 (to 2.9% and 2.6%, respectively), and cited a weaker Europe, which was the reason for weaker GBPUSD as well as lower prices on FTSE100.


Technically speaking we see cable breaking beneath the channel support line that confirms end of a three wave rally, therefore weakness is expected to resume towards the lows after any three wave rally. 1.5939 is now invalidation level; expect lower prices as long this high is in.

GBPUSD 1h Elliott Wave Analysis

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2014 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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