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    Technical analysis for the GBPUSD on 13.07.2015

    The GBPUSD is expected to test the descending trend line at 1.5575

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.5625

    Min. 1.5415

    gbpusd8

    Three-day correction up from 1.5330 support allowed the bulls to break the upper border of the descending channel at 1.5500. The breakout opened the way for a test of the descending trend line at 1.5575.

    Trading volumes are low, bullish potential is weakening, which can lead to consolidation below the descending trend line of 1.5575.

    The trend line acts as the key resistance for the downtrend. False test of the trend line, followed by consolidation, may be a signal for the rebound down towards the next targets at 1.5450, 1.5415, 1.5330.

    Alternative scenario: if price breaks and holds above the 1.5575 descending trend line, the bearish trend will turn 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 is expected to test the descending trend line at 1.5575

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 140 pips Max. 1.5625

    Min. 1.5415

    gbpusd8

    Three-day correction up from 1.5330 support allowed the bulls to break the upper border of the descending channel at 1.5500. The breakout opened the way for a test of the descending trend line at 1.5575.

    Trading volumes are low, bullish potential is weakening, which can lead to consolidation below the descending trend line of 1.5575.

    The trend line acts as the key resistance for the downtrend. False test of the trend line, followed by consolidation, may be a signal for the rebound down towards the next targets at 1.5450, 1.5415, 1.5330.

    Alternative scenario: if price breaks and holds above the 1.5575 descending trend line, the bearish trend will turn 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!


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