The GBPUSD is consolidating around the descending trend line of 1.5625
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5785
Min. 1.5450 |
Bulls failed to reach 1.5670 resistance yesterday – corrective growth was halted by the descending trend line of 1.5625.
Short-term consolidation is now observed below the trend line and will most like keep until the release of the UK Retail Sales data at 11.30.
If amid the news bulls fail to break above the 1.5625 trend line again, the price will bounce down to the targets at 1.5530, 1.5500, 1.5450.
Alternative scenario: to continue growth, bulls will have to break and hold above the resistance of 1.5670.
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 consolidating around the descending trend line of 1.5625
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5785
Min. 1.5450 |
Bulls failed to reach 1.5670 resistance yesterday – corrective growth was halted by the descending trend line of 1.5625.
Short-term consolidation is now observed below the trend line and will most like keep until the release of the UK Retail Sales data at 11.30.
If amid the news bulls fail to break above the 1.5625 trend line again, the price will bounce down to the targets at 1.5530, 1.5500, 1.5450.
Alternative scenario: to continue growth, bulls will have to break and hold above the resistance of 1.5670.
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!