The GBPUSD: continuous consolidation at 1.5110
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 1.5315
Min. 1.4965 |
Three-day upside correction of the British pound has turned into consolidation around 1.5110. The consolidation at low volumes is a signal for the reversal up.
If we consider the GBP on the weekly chart, we’ll see the formation of the hammer. In a medium-term this model indicates continuation of the downtrend.
Before the downtrend continues, bulls will most likely push the price into 1.5185 resistance, which is crossed by the upper border of the descending channel.
Alternative scenario: if price breaks and holds above 1.5185 resistance, it will open the way towards 1.5315.
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: continuous consolidation at 1.5110
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 1.5315
Min. 1.4965 |
Three-day upside correction of the British pound has turned into consolidation around 1.5110. The consolidation at low volumes is a signal for the reversal up.
If we consider the GBP on the weekly chart, we’ll see the formation of the hammer. In a medium-term this model indicates continuation of the downtrend.
Before the downtrend continues, bulls will most likely push the price into 1.5185 resistance, which is crossed by the upper border of the descending channel.
Alternative scenario: if price breaks and holds above 1.5185 resistance, it will open the way towards 1.5315.
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!