The GBPUSD keeps correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 1.5700
Min. 1.5450 |
Resistance at 1.5530 failed to hold back the bulls yesterday. The barrier was breached at low volumes and opened the way up for a test of the descending trend line at 1.5635.
The test of the 1.5635 trend line itself may occur amid the release of the UK fundamental data at 11.30. If the test turns out false, we’ll be expecting consolidation, followed by the bounce down.
Potential rebound targets are situated at 1.5530, 1.5500, 1.5450 supports.
Alternative scenario: for the upside correction to continue, bulls have to break and hold above the tough 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 keeps correcting to the upside
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 140 pips | Max. 1.5700
Min. 1.5450 |
Resistance at 1.5530 failed to hold back the bulls yesterday. The barrier was breached at low volumes and opened the way up for a test of the descending trend line at 1.5635.
The test of the 1.5635 trend line itself may occur amid the release of the UK fundamental data at 11.30. If the test turns out false, we’ll be expecting consolidation, followed by the bounce down.
Potential rebound targets are situated at 1.5530, 1.5500, 1.5450 supports.
Alternative scenario: for the upside correction to continue, bulls have to break and hold above the tough 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!