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    Technical analysis for the GBPUSD on 06.07.2015

    The GBPUSD: steady downtrend preserves

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.5690

    Min. 1.5500

    gbpusd3

    The British pound has been falling against the US dollar for the second consecutive week. As long as the upper border of the descending channel at 1.5690 is safe, downside correction will preserve.

    Bears have refreshed Friday’s low at 1.5558 this morning. Volume divergence indicates weakening downtrend and the upcoming correction up.

    Potential correction targets are: 1.5600 resistance and the upper border of the descending channel – 1.5690. The test of the latter will most likely trigger the rebound down.

    Alternative scenario: the breakout of 1.5540 support will initiate further decline from the current levels.

     

    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: steady downtrend preserves

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 120 pips Max. 1.5690

    Min. 1.5500

    gbpusd3

    The British pound has been falling against the US dollar for the second consecutive week. As long as the upper border of the descending channel at 1.5690 is safe, downside correction will preserve.

    Bears have refreshed Friday’s low at 1.5558 this morning. Volume divergence indicates weakening downtrend and the upcoming correction up.

    Potential correction targets are: 1.5600 resistance and the upper border of the descending channel – 1.5690. The test of the latter will most likely trigger the rebound down.

    Alternative scenario: the breakout of 1.5540 support will initiate further decline from the current levels.

     

    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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