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Technical analysis for the GBP/USD – 03.11.2015

Resistance at 1.5500 held back the bulls on the way up again. The price pulled back down and is now consolidating within the range of 1.5500-1.5420/10. Indicators are unclear – SS is turned up, while R% and MACD are falling. This situation suggests that current decline is simply a correction and until the breakout of 1.5350 dominating bulish potential preserves. The downtrend will recommence if bears manage to break the above mentioned barrier, potential decline target in this case will be situated at 1.5240/30. At the same time, further uptrend is still a possibility – if price grows and holds above 1.5500, it will open the way up to the next targets at November highs – 1.5590-1.5600/20, which now match with one of the versions of the descending trend line (red lines).

GBP031115

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!

Resistance at 1.5500 held back the bulls on the way up again. The price pulled back down and is now consolidating within the range of 1.5500-1.5420/10. Indicators are unclear – SS is turned up, while R% and MACD are falling. This situation suggests that current decline is simply a correction and until the breakout of 1.5350 dominating bulish potential preserves. The downtrend will recommence if bears manage to break the above mentioned barrier, potential decline target in this case will be situated at 1.5240/30. At the same time, further uptrend is still a possibility – if price grows and holds above 1.5500, it will open the way up to the next targets at November highs – 1.5590-1.5600/20, which now match with one of the versions of the descending trend line (red lines).

GBP031115

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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