The GBPUSD: false breakout of strong resistance at 1.5670
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5750
Min. 1.5450 |
Bulls attempted to break above two significant resistance levels – descending trend line of 1.5625 and 1.5670 resistance yesterday.
They managed to break the trend line, tested the 1.5670 resistance, but failed to break it.
False breakout of 1.5670 resistance was accompanied with active decline and reversal below the descending trend line. There’s a big chance of further downtrend towards 1.5530, 1.5500, 1.5450.
Alternative scenario: another growth to the strong resistance, followed by consolidation is probable.
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: false breakout of strong resistance at 1.5670
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 160 pips | Max. 1.5750
Min. 1.5450 |
Bulls attempted to break above two significant resistance levels – descending trend line of 1.5625 and 1.5670 resistance yesterday.
They managed to break the trend line, tested the 1.5670 resistance, but failed to break it.
False breakout of 1.5670 resistance was accompanied with active decline and reversal below the descending trend line. There’s a big chance of further downtrend towards 1.5530, 1.5500, 1.5450.
Alternative scenario: another growth to the strong resistance, followed by consolidation is probable.
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!