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Technical analysis for the GBPUSD on 31.08.2015

The GBPUSD: short-term correction up is about to commence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 1.5535

Min. 1.5300

gbpusd20

False breakout of 1.5370 support was observed on Friday. Short-term breakout at low volumes was followed by rapid retracement above the barrier.

Today we expect the price to correct into the range of 1.5370 support. Then, it will most likely consolidate and rebound up.

Potential growth targets are situated at 1.5425, 1.5465, 1.5500 resistance levels.

Alternative scenario: to continue the downtrend, bears will have to break below 1.5370 support. The breakout will open the way down to: 1.5330, 1.5300.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

The GBPUSD: short-term correction up is about to commence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 135 pips Max. 1.5535

Min. 1.5300

gbpusd20

False breakout of 1.5370 support was observed on Friday. Short-term breakout at low volumes was followed by rapid retracement above the barrier.

Today we expect the price to correct into the range of 1.5370 support. Then, it will most likely consolidate and rebound up.

Potential growth targets are situated at 1.5425, 1.5465, 1.5500 resistance levels.

Alternative scenario: to continue the downtrend, bears will have to break below 1.5370 support. The breakout will open the way down to: 1.5330, 1.5300.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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