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Technical analysis for the GBPUSD on 26.06.2015

The GBPUSD: downside correction paused at 1.5700 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 160 pips Max. 1.5900

Min. 1.5600

gbpusd19

Bears failed to break below strong support of 1.5700 yesterday. The test of the level was followed by a short-term breakout and pullback above the round level.

The pullback triggered the breakout of the descending channel’s upper border at 1.5735 and consolidation within 1.5760 – 1.5770.

Another rebound from 1.5760 – 1.5770 towards 1.5700 support is probable. If the second test turns out false too, the price will bounce towards 1.5800 – 1.5810.

Alternative scenario: bearish trend will continue if price breaks and holds below 1.5700 support.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The GBPUSD: downside correction paused at 1.5700 support

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 160 pips Max. 1.5900

Min. 1.5600

gbpusd19

Bears failed to break below strong support of 1.5700 yesterday. The test of the level was followed by a short-term breakout and pullback above the round level.

The pullback triggered the breakout of the descending channel’s upper border at 1.5735 and consolidation within 1.5760 – 1.5770.

Another rebound from 1.5760 – 1.5770 towards 1.5700 support is probable. If the second test turns out false too, the price will bounce towards 1.5800 – 1.5810.

Alternative scenario: bearish trend will continue if price breaks and holds below 1.5700 support.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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