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Technical analysis for the GBPUSD on 24.08.2015

The GBPUSD is correcting to the lower border of the ascending channel at 1.5645

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.5800

Min. 1.5560

gbpusd15

Bulls managed to break and hold above the resistance of 1.5675 last week, but not for long. The price has recently broke the 1.5675 mark again and is about to correct down.

Potential correction target is situated at the lower border of the ascending channel – level 1.5645. as long as trading remains within the channel, bullish potential preserves.

To continue the uptrend, bulls have to breaks above the last week’s high at 1.5715 resistance. If they succeed, the breakout will open the way to 1.5800.

Alternative scenario: the breakout of the 1.5645 ascending channel’s low border will be a signal for the correction down with decline targets at 1.5600, 1.5560.

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 to the lower border of the ascending channel at 1.5645

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.5800

Min. 1.5560

gbpusd15

Bulls managed to break and hold above the resistance of 1.5675 last week, but not for long. The price has recently broke the 1.5675 mark again and is about to correct down.

Potential correction target is situated at the lower border of the ascending channel – level 1.5645. as long as trading remains within the channel, bullish potential preserves.

To continue the uptrend, bulls have to breaks above the last week’s high at 1.5715 resistance. If they succeed, the breakout will open the way to 1.5800.

Alternative scenario: the breakout of the 1.5645 ascending channel’s low border will be a signal for the correction down with decline targets at 1.5600, 1.5560.

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!



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