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    Technical analysis for the GBP/USD – 19.10.2015

    «Bulls» managed to pushed the price up to the targets, mentioned in the previous forecasts. The breakout of level 1.5420/30 was followed by growth towards 1.5500. Growth was halted at strong resistance of 1.5500, which matches with one of the descending trend lines (blue line). The pair consolidated in the 1.5500-1.2420/30 range and is now trading around 1.5450/40. The indicators don’t give any particular signals – SS is overbought, R% almost has almost fallen to the bottom, MACD is also falling, but is still above the zero in the positive territory. Such set of signals suggests further consolidation on the back of dominating bullish potential and high probability of further growth. The breakout of 1.5500 resistance will open the way to the main descending trend line trend line (red line) at 1.5660/70 – the level has been recently mentioned as significant resistance. Market moods may change to bearish if price breaks support at 1.5360/30.  The downtrend itself will recommence only if bears manage to break and hold below 1.5240/50.

    GBP191015

     

    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!

    «Bulls» managed to pushed the price up to the targets, mentioned in the previous forecasts. The breakout of level 1.5420/30 was followed by growth towards 1.5500. Growth was halted at strong resistance of 1.5500, which matches with one of the descending trend lines (blue line). The pair consolidated in the 1.5500-1.2420/30 range and is now trading around 1.5450/40. The indicators don’t give any particular signals – SS is overbought, R% almost has almost fallen to the bottom, MACD is also falling, but is still above the zero in the positive territory. Such set of signals suggests further consolidation on the back of dominating bullish potential and high probability of further growth. The breakout of 1.5500 resistance will open the way to the main descending trend line trend line (red line) at 1.5660/70 – the level has been recently mentioned as significant resistance. Market moods may change to bearish if price breaks support at 1.5360/30.  The downtrend itself will recommence only if bears manage to break and hold below 1.5240/50.

    GBP191015

     

    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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