The GBPUSD: donwside correction expected to continue
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5790
Min. 1.5465 |
The British pound has been correcting against the US dollar for the third day. Corrective decline is taking place at low volumes, bearish potential is weakening.
It’s worth noting, however, that the price broke intermediate support at 1.5680 yesterday. The level is now acting as resistance, where from further correction is expected.
Potential correction target is situated at the lower border of the ascending channel – 1.5465, which is crossed by the strong support of 1.5464. The test of this level will most likely end the downside correction.
Alternative scenario: growth from the current levels will be probable if price breaks and holds above the 1.5790 resistance.
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: donwside correction expected to continue
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5790
Min. 1.5465 |
The British pound has been correcting against the US dollar for the third day. Corrective decline is taking place at low volumes, bearish potential is weakening.
It’s worth noting, however, that the price broke intermediate support at 1.5680 yesterday. The level is now acting as resistance, where from further correction is expected.
Potential correction target is situated at the lower border of the ascending channel – 1.5465, which is crossed by the strong support of 1.5464. The test of this level will most likely end the downside correction.
Alternative scenario: growth from the current levels will be probable if price breaks and holds above the 1.5790 resistance.
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!