The GBPUSD is correcting into the range of strong resistance at 1.5670 for the fifth time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 145 pips | Max. 1.5750
Min. 1.5465 |
The British pound has been trading below strong resistance of 1.5670 for quite a while now. All bullish attempts to break above this barrier are followed by rebounds down.
The fourth test, that took place in the middle of the week, was followed by the exit from the short-term ascending channel. However, bears failed to keep the downtrend, and the price is now correcting back up.
Today we expect the fifth test of the strong resistance. If its followed by continuing consolidation, the price will most likely bounce down into the ascending trend line of 1.5530.
Alternative scenario: the breaking 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 is correcting into the range of strong resistance at 1.5670 for the fifth time
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 145 pips | Max. 1.5750
Min. 1.5465 |
The British pound has been trading below strong resistance of 1.5670 for quite a while now. All bullish attempts to break above this barrier are followed by rebounds down.
The fourth test, that took place in the middle of the week, was followed by the exit from the short-term ascending channel. However, bears failed to keep the downtrend, and the price is now correcting back up.
Today we expect the fifth test of the strong resistance. If its followed by continuing consolidation, the price will most likely bounce down into the ascending trend line of 1.5530.
Alternative scenario: the breaking 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!