The situation regarding the pound has not changed over the past Monday. Investors are waiting for the results of the elections to the British Parliament on Thursday, December 12th.
According to preliminary surveys, the Conservative Party leads with a 14% advantage. There is still a probability that a reversal convergence by the Marlin oscillator would form on the daily chart.
Increasing prices to the nearest target levels of 1.3206 or 1.3352 will not be able to completely offset this risk, the line forming the convergence will only become more gentle. This moment warns of the option of pulling down the price in the event of a short-term growth immediately after the election.
But even today, the pound is waiting for good news on the economy: October GDP may show growth of 0.1% versus -0.1% in September, industrial production is expected to increase by 0.2% in October, growth in the trade balance from -12.5 billion pounds to -11.5 billion
The Marlin oscillator signal line touched the boundary of the bears’ territory on the four-hour chart, the price is growing visually, the 1.3206 target is likely to be reached in speed, but local growth will make it possible for the oscillator to form a full-fledged reversal signal – a divergence. A price break above the level opens the second target of 1.3352.
Origin: InstaForex
