The GBPUSD: downside correction has halted at 1.5540 support
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.5730
Min. 1.5430 |
The British pound has been correcting against the US dollar for the third week. Trading volume divergence suggests weakening bearish strength.
From the technical point, however, downside correction is developing within the descending channel. As long as trading keeps within the channel’s borders, dominating bearish potential preserves.
Corrective growth into the channel’s upper border of 1.5670 will most likely trigger consolidation, followed by the bounce down for another test of 1.5540 support.
Alternative scenario: the breakout of the descending channel’s upper border at 1.5670 will turn the downside correction up.
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 halted at 1.5540 support
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.5730
Min. 1.5430 |
The British pound has been correcting against the US dollar for the third week. Trading volume divergence suggests weakening bearish strength.
From the technical point, however, downside correction is developing within the descending channel. As long as trading keeps within the channel’s borders, dominating bearish potential preserves.
Corrective growth into the channel’s upper border of 1.5670 will most likely trigger consolidation, followed by the bounce down for another test of 1.5540 support.
Alternative scenario: the breakout of the descending channel’s upper border at 1.5670 will turn the downside correction up.
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!