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Technical analysis for the GBPUSD on 12.11.2015

The GBPUSD has corrected into the range of strong resistance at 1.5245

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.5380
Min. 1.5105

gbpusd3

The British pound has been correcting from 1.5025 support for almost a week. Despite low volumes, bulls managed to break two significant resistance levels: 1.5105, 1.5165.

Divergence in volumes suggests weakening bullish potential, the price has halted around another strong resistance – at 1.5245, which is located close to the upper border of the two-week descending channel -1.5265.

The upper border of the descending channel – level 1.5265 – is acting as the key resistance for the upside correction. Long consolidation below this barrier will most likely trigger the rebound down towards 1.5165, 1.5105, 1.5025.

Alternative scenario:

Correction up will continue if price breaks the upper border of the descending channel at 1.5265. Potential growth targets in this case will be found at 1.5245, 1.5325.

 

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 GBPUSD has corrected into the range of strong resistance at 1.5245

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 140 pips Max. 1.5380
Min. 1.5105

gbpusd3

The British pound has been correcting from 1.5025 support for almost a week. Despite low volumes, bulls managed to break two significant resistance levels: 1.5105, 1.5165.

Divergence in volumes suggests weakening bullish potential, the price has halted around another strong resistance – at 1.5245, which is located close to the upper border of the two-week descending channel -1.5265.

The upper border of the descending channel – level 1.5265 – is acting as the key resistance for the upside correction. Long consolidation below this barrier will most likely trigger the rebound down towards 1.5165, 1.5105, 1.5025.

Alternative scenario:

Correction up will continue if price breaks the upper border of the descending channel at 1.5265. Potential growth targets in this case will be found at 1.5245, 1.5325.

 

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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