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Technical analysis for the GBP/USD – 04.11.2015

Level 1.5350 has once again confirmed its significance. Bearish attempts to push the price lower were held back by 1.5350 support, and the price retraced to its initial positions at 1.5430/40, where it still remains. Such development gives reasons to assume, that bullish potential is high and we can expect further growth in this pair. However, the indicators aren’t as “aggressively bullish” and show uncertainty in the market. Therefore, further consolidation within the wide range of 1.5500-1.5340/50 loos as quite a possibility. The breakout of 1.5500 resistance will indicate the bullish victory and growth to the targets at 1.5590-1.5600/20 – September highs that match with one of the versions of the descending trend line (red lines). Decline below 1.5350/40, on the other hand, will be a signal for the reversal down and the upcoming decline to 1.5240/30 support.

GBP041115

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!

Level 1.5350 has once again confirmed its significance. Bearish attempts to push the price lower were held back by 1.5350 support, and the price retraced to its initial positions at 1.5430/40, where it still remains. Such development gives reasons to assume, that bullish potential is high and we can expect further growth in this pair. However, the indicators aren’t as “aggressively bullish” and show uncertainty in the market. Therefore, further consolidation within the wide range of 1.5500-1.5340/50 loos as quite a possibility. The breakout of 1.5500 resistance will indicate the bullish victory and growth to the targets at 1.5590-1.5600/20 – September highs that match with one of the versions of the descending trend line (red lines). Decline below 1.5350/40, on the other hand, will be a signal for the reversal down and the upcoming decline to 1.5240/30 support.

GBP041115

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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