The GBPUSD broke the descending trend line at 1.5565
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 150 pips | Max. 1.5785
Min. 1.5525 |
Bulls have finally breached the descending trend line of 1.5565, which pushed the price down couple days ago and suggested continuation of the downtrend. The re-test of the level, however, ended up with the breakout.
The breaking of the trend line allowed bulls to push the price higher towards 1.5660 resistance, which is likely to be tested at 11.30 amid the release of significant fundamental data in the UK.
The breaking of level 1.5660 will open the way up to the next barrier at 1.5785.
Alternative scenario: correction down into the ascending channel’ lower border at 1.5525 is possible.
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 broke the descending trend line at 1.5565
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 150 pips | Max. 1.5785
Min. 1.5525 |
Bulls have finally breached the descending trend line of 1.5565, which pushed the price down couple days ago and suggested continuation of the downtrend. The re-test of the level, however, ended up with the breakout.
The breaking of the trend line allowed bulls to push the price higher towards 1.5660 resistance, which is likely to be tested at 11.30 amid the release of significant fundamental data in the UK.
The breaking of level 1.5660 will open the way up to the next barrier at 1.5785.
Alternative scenario: correction down into the ascending channel’ lower border at 1.5525 is possible.
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!