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Technical analysis for the GBPUSD on 07.08.2015

The GBPUSD: the uptrend has turned down

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 170 pips Max. 1.5670

Min. 1.5330

gbpusd4

Bears broke and held below the upper border of the ascending channel – level 1.5570. The exit from the channel took place at high volume, suggesting further downtrend.

The price is currently correcting into the range of 1.5525 resistance. Continuing consolidation has commenced below this barrier, which gives reasons to expect a bounce down.

To continue the downtrend, bears will have to break and hold below 1.5465 support. The breakout will open the way towards: 1.5400, 1.5330.

Alternative scenario: the breaking of 1.5525 resistance will allow the bulls to correct the price to the descending trend line of 1.5625.

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: the uptrend has turned down

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 170 pips Max. 1.5670

Min. 1.5330

gbpusd4

Bears broke and held below the upper border of the ascending channel – level 1.5570. The exit from the channel took place at high volume, suggesting further downtrend.

The price is currently correcting into the range of 1.5525 resistance. Continuing consolidation has commenced below this barrier, which gives reasons to expect a bounce down.

To continue the downtrend, bears will have to break and hold below 1.5465 support. The breakout will open the way towards: 1.5400, 1.5330.

Alternative scenario: the breaking of 1.5525 resistance will allow the bulls to correct the price to the descending trend line of 1.5625.

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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