The GBPUSD: upside correction has turned into consolidation
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.5700
Min. 1.5450 |
The British pound has been consolidating within the 1.5670 – 1.5560 range for four days. The price broke the lower border of the ascending channel at 1.5600.
We can’t say for sure at the moment, if the upside correction is going to turn down. To confirm the reversal, bears will have to break below 1.5560 support.
The breakout of 1.5560 will allow the bears to turn the upside correction down towards the next targets at 1.5450, and then 1.5400.
Alternative scenario: to keep the uptrend, bulls have to break and hold above 1.5670 resistance.
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: upside correction has turned into consolidation
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 1.5700
Min. 1.5450 |
The British pound has been consolidating within the 1.5670 – 1.5560 range for four days. The price broke the lower border of the ascending channel at 1.5600.
We can’t say for sure at the moment, if the upside correction is going to turn down. To confirm the reversal, bears will have to break below 1.5560 support.
The breakout of 1.5560 will allow the bears to turn the upside correction down towards the next targets at 1.5450, and then 1.5400.
Alternative scenario: to keep the uptrend, bulls have to break and hold above 1.5670 resistance.
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!