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    Technical analysis for the GBPUSD on 16.10.2015

    The GBPUSD keeps consolidating below the medium-term descending trend line of 1.5480

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 180 pips Max. 1.5655
    Min. 1.5325

    gbpusd5

    After rapid growth on Wednesday, the British pound halted around the descending trend line of 1.5480. The test of the trend line triggered long-term consolidation.

    The intraday bearish doji candlestick at the close yesterday suggests weakening downside potential, so there’s a big chance of the rebound down from 1.5480 trend line.

    The US dollar is now correcting against most of the major currencies, which can be considered as a sign of the upcoming decline towards the targets at 1.5380, 1.5325.

    Alternative scenario:   

    gbpusd14

    If price breaks and holds above the weekly high of 1.5510, situated above the descending trend line, bulls will get a chance to push the price up to 1.5560, 1.5600, 1.5655.

     

    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 keeps consolidating below the medium-term descending trend line of 1.5480

    Direction Period Expected price movement Price movement corridor
    ↓↑ 1 day ≈ 180 pips Max. 1.5655
    Min. 1.5325

    gbpusd5

    After rapid growth on Wednesday, the British pound halted around the descending trend line of 1.5480. The test of the trend line triggered long-term consolidation.

    The intraday bearish doji candlestick at the close yesterday suggests weakening downside potential, so there’s a big chance of the rebound down from 1.5480 trend line.

    The US dollar is now correcting against most of the major currencies, which can be considered as a sign of the upcoming decline towards the targets at 1.5380, 1.5325.

    Alternative scenario:   

    gbpusd14

    If price breaks and holds above the weekly high of 1.5510, situated above the descending trend line, bulls will get a chance to push the price up to 1.5560, 1.5600, 1.5655.

     

    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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