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Technical analysis for the GBPUSD on 05.08.2015

The GBPUSD broke the ascending trend line of 1.5555

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 150 pips Max. 1.5670

Min. 1.5400

gbpusd2

Corrective growth of the British pound from 1.5330 has turned down as the price broke the ascending trend line at 1.5555 and support at 1.5550.

Short-term consolidation is currently observed below the 1.5550 mark, which is already acting as resistance. Consolidation will most likely continue until the release of fundamental news in the UK.

The UK PMI services index is being released at 11.30 today. There’s a big possibility of a false test at 1.5550 resistance amid the news, which will be then followed by the rebound down towards 1.5465, 1.5400.

Alternative scenario: the breaking of 1.5550 resistance will allow the bulls to correct the price to the upper border of the descending channel – 1.5610.

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 broke the ascending trend line of 1.5555

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 150 pips Max. 1.5670

Min. 1.5400

gbpusd2

Corrective growth of the British pound from 1.5330 has turned down as the price broke the ascending trend line at 1.5555 and support at 1.5550.

Short-term consolidation is currently observed below the 1.5550 mark, which is already acting as resistance. Consolidation will most likely continue until the release of fundamental news in the UK.

The UK PMI services index is being released at 11.30 today. There’s a big possibility of a false test at 1.5550 resistance amid the news, which will be then followed by the rebound down towards 1.5465, 1.5400.

Alternative scenario: the breaking of 1.5550 resistance will allow the bulls to correct the price to the upper border of the descending channel – 1.5610.

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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