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Technical analysis for the GBP/USD – 02.11.2015

The previous forecast expecting the price to fall to 1.5240/30 support came true. The price tested this strong support range and, as expected, rebound up so high, that the pair is now trading at new local highs of 1.5500/1.5480. Such turn of events may suggest the return of bullish moods in the market. The indicators are turned up, supporting this assumption. However, as long as the price doesn’t break and hold above 1.5500 resistance, dominating bearish trend will preserve, since the above mentioned barrier has already proved to be very strong and can hold back the price again. If price breaks level 1.5500, the next target will be found at 1.5590-1.5600/20 resistance – September high, which now matches with one of the versions of the descending channel (red lines). The rebound from the tested level will take the price below 1.5350 support, suggesting that the downtrend recommenced. In a short run, we expect consolidation within 1.5500-1.5420/10 corridor.

GBP021115

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

The previous forecast expecting the price to fall to 1.5240/30 support came true. The price tested this strong support range and, as expected, rebound up so high, that the pair is now trading at new local highs of 1.5500/1.5480. Such turn of events may suggest the return of bullish moods in the market. The indicators are turned up, supporting this assumption. However, as long as the price doesn’t break and hold above 1.5500 resistance, dominating bearish trend will preserve, since the above mentioned barrier has already proved to be very strong and can hold back the price again. If price breaks level 1.5500, the next target will be found at 1.5590-1.5600/20 resistance – September high, which now matches with one of the versions of the descending channel (red lines). The rebound from the tested level will take the price below 1.5350 support, suggesting that the downtrend recommenced. In a short run, we expect consolidation within 1.5500-1.5420/10 corridor.

GBP021115

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



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