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Technical analysis for the GBPUSD on 18.06.2015

The GBPUSD held above the last month’s high of 1.5815

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 170 pips Max. 1.6000

Min. 1.5700

gbpusd13

The British pound significantly strengthened against the dollar yesterday, breaking two strong resistance levels at 1.5700, 1.5815 (May’s high).

The breakouts occurred at increased volume which gives reasons to anticipate further uptrend after a short-term consolidation above 1.5815 support.

Retail Sales data will be released in the UK today – the price is expected to re- test strong support at 1.5815 amid the news and then rebound up to 1.5900, 1.5950, 1.6000.

Alternative scenario: the breakout of 1.5815 support will be a signal for the correction down.

 

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 held above the last month’s high of 1.5815

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 170 pips Max. 1.6000

Min. 1.5700

gbpusd13

The British pound significantly strengthened against the dollar yesterday, breaking two strong resistance levels at 1.5700, 1.5815 (May’s high).

The breakouts occurred at increased volume which gives reasons to anticipate further uptrend after a short-term consolidation above 1.5815 support.

Retail Sales data will be released in the UK today – the price is expected to re- test strong support at 1.5815 amid the news and then rebound up to 1.5900, 1.5950, 1.6000.

Alternative scenario: the breakout of 1.5815 support will be a signal for the correction down.

 

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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