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    Technical analysis for the GBPUSD on 18.05.2015

    The GBPUSD: downside correction has commenced

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.5800

    Min. 1.5600

    gbpusd11

    Having approached the upper border of the ascending channel at 1.5790, the British pound reversed down for correction. Low volatility, observed at the moment, indicates a possibility of a rebound up any time.

    Trading volumes are low, which can be considered as another signal in favor of weakening downside correction. Short-term test of 1.5680 support will most likely trigger consolidation.

    If bears fail to break below the 1.5680 support on today’s session, the price will bounce up to the last week’s high at 1.5800.

    Alternative scenario: the breakout of 1.5680 support will open the way to 1.5600.

    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: downside correction has commenced

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.5800

    Min. 1.5600

    gbpusd11

    Having approached the upper border of the ascending channel at 1.5790, the British pound reversed down for correction. Low volatility, observed at the moment, indicates a possibility of a rebound up any time.

    Trading volumes are low, which can be considered as another signal in favor of weakening downside correction. Short-term test of 1.5680 support will most likely trigger consolidation.

    If bears fail to break below the 1.5680 support on today’s session, the price will bounce up to the last week’s high at 1.5800.

    Alternative scenario: the breakout of 1.5680 support will open the way to 1.5600.

    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!


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