The GBPUSD: false breakout at 1.5465 resistance
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.5620Min. 1.5260 |
Bulls have attempted to break above resistance of 1.5465 for the second time in two weeks. As a result of the second test, the price refreshed its previous high at 1.5497, but didn’t break it.
As a rule, such false breakout should be followed by the down. Before that, however, the level may be tested again. If the test turns out false, then the price will turn down for correction.
Potential decline target is situated at 1.5260 support, which is crossed by the ascending trend line.
Alternative scenario: the Bank of England’s Interest Rate decision will be released at 14.00 today. If amid the news bulls breaks level 1.5465, the uptrend will continue.
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: false breakout at 1.5465 resistance
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 180 pips | Max. 1.5620Min. 1.5260 |
Bulls have attempted to break above resistance of 1.5465 for the second time in two weeks. As a result of the second test, the price refreshed its previous high at 1.5497, but didn’t break it.
As a rule, such false breakout should be followed by the down. Before that, however, the level may be tested again. If the test turns out false, then the price will turn down for correction.
Potential decline target is situated at 1.5260 support, which is crossed by the ascending trend line.
Alternative scenario: the Bank of England’s Interest Rate decision will be released at 14.00 today. If amid the news bulls breaks level 1.5465, the uptrend will continue.
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!