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    Technical analysis for the GBPUSD on 03.07.2015

    The GBPUSD is consolidating below strong resistance of 1.5625

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.5765

    Min. 1.5500

    gbpusd2

    The price has been consolidating below 1.5625 resistance for the third day in a row. The longer this consolidation lasts, the bigger is the possibility of a rebound down and continuation of the downtrend.

    From the technical point, bears are still strong in a short run. Taking into account general correlation of the USD with other major currencies, however, low volatility observed recently may trigger correction up.

    Services PMI will be released in the UK today. If bulls manage to break resistance at 1.5620 amid the news, potential growth target will be situated at 1.5710.

    Alternative scenario: rebound from the resistance towards the next targets at 1.5540, 1.5500.

    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 is consolidating below strong resistance of 1.5625

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 150 pips Max. 1.5765

    Min. 1.5500

    gbpusd2

    The price has been consolidating below 1.5625 resistance for the third day in a row. The longer this consolidation lasts, the bigger is the possibility of a rebound down and continuation of the downtrend.

    From the technical point, bears are still strong in a short run. Taking into account general correlation of the USD with other major currencies, however, low volatility observed recently may trigger correction up.

    Services PMI will be released in the UK today. If bulls manage to break resistance at 1.5620 amid the news, potential growth target will be situated at 1.5710.

    Alternative scenario: rebound from the resistance towards the next targets at 1.5540, 1.5500.

    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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