FX.co ★ Last minute burning forecast 23.10.2017

Last minute burning forecast 23.10.2017

The GBPUSD rate is upwards.

At the beginning of the week, pressure remains on European currencies due to the Catalonia-Spain crisis. During the weekend, the crisis escalated further. In addition - the authorities of Madrid (Prime Minister M. Rajoy) - threatened to set aside the head of Catalonia and abolish the autonomy of the region. On Monday morning, the meeting of the authorities of Catalonia should take place in response.

Under such pressure, the euro and the pound declined. Nevertheless, while the support line for the multi-month trend upwards by the pound has not been broken (in the figure below, it is marked by a thick line) - the growth of the pound is more likely.

Buy the pound with a target of 1.3110 and below towards 1.3050 with a target upwards to 1.3630.

Cancellation of buying - closing of the day below 1.3000.