The GBPUSD: upside correction has turned down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.5700
Min. 1.5450 |
Upside correction turned down when the price escaped from the ascending channel. Current decline is taking place at low volumes, the price has just approached support at 1.5560.
Bears have been making unsuccessful attempts to break below the 1.5560 support for quite a while now. And after every attempt the price consolidated and bounced up.
Current test of 1.5560 can also trigger the rebound up into the descending trend line of 1.5640. Then bearish trend will continue. The targets are: 1.5560, 1.5500, 1.5450.
Alternative scenario: the breakout of 1.5670 resistance will allow the bulls to continue the uptrend.
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 down
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 120 pips | Max. 1.5700
Min. 1.5450 |
Upside correction turned down when the price escaped from the ascending channel. Current decline is taking place at low volumes, the price has just approached support at 1.5560.
Bears have been making unsuccessful attempts to break below the 1.5560 support for quite a while now. And after every attempt the price consolidated and bounced up.
Current test of 1.5560 can also trigger the rebound up into the descending trend line of 1.5640. Then bearish trend will continue. The targets are: 1.5560, 1.5500, 1.5450.
Alternative scenario: the breakout of 1.5670 resistance will allow the bulls to continue the uptrend.
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!