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Technical analysis for the GBPUSD on 18.08.2015

The GBPUSD bounced down from strong resistance of 1.5670

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.5670

Min. 1.5465

gbpusd11

Resistance level of 1.5670 has been holding back the bulls for more than a month. The price pierced the barrier yesterday, but failed to break it and not only went back down below the mark, but began to rapidly fall.

Trading volumes have formed strong divergence. The downtrend isn’t supported by strong bearish potential, although fundamental news, released at 11.30 may cause further decline.

Potential decline targets are situated at 1.5535 and 1.5465 supports. Level 1.5465 is crossed by the ascending trend line. It’s test will most likely trigger consolidation.

Alternative scenario: fundamentals, released at 11.30, may support further ascension, which will allow bulls to push the price up into the range of the strong 1.5670 resistance again.

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 bounced down from strong resistance of 1.5670

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.5670

Min. 1.5465

gbpusd11

Resistance level of 1.5670 has been holding back the bulls for more than a month. The price pierced the barrier yesterday, but failed to break it and not only went back down below the mark, but began to rapidly fall.

Trading volumes have formed strong divergence. The downtrend isn’t supported by strong bearish potential, although fundamental news, released at 11.30 may cause further decline.

Potential decline targets are situated at 1.5535 and 1.5465 supports. Level 1.5465 is crossed by the ascending trend line. It’s test will most likely trigger consolidation.

Alternative scenario: fundamentals, released at 11.30, may support further ascension, which will allow bulls to push the price up into the range of the strong 1.5670 resistance again.

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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