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    Technical analysis for the GBP/USD – 23.10.2015

    «Bears» managed to break the 1.5500-1.5430/20 consolidation range’s support and pushed the price down to 1.5370/65. However, the price is now consolidating at around 1.5395/1.5400. This situation was mentioned in the previous comment as the first signal for the change of trend. Indicators suggest growing bearish potential, which gives reasons to expect a bigger sell-off. Therefore, there’s quiate a possibility of further decline towards 1.5350 support. If the test of this barrier on the way down ends up with the breakout, it’ll be another sign of the upcoming reversal of the trend. The final confirmation of the reversal down will be received when the price breaks 1.5240/30 support. Until then, bulls have good chances to keep their dominating positions. Growth higher into 1.5420/30-1.5500 will indicate the possibility that the uptrend will recommence. The first target in this case will be found at 1.5560/50.

    GBP231015

    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!

    «Bears» managed to break the 1.5500-1.5430/20 consolidation range’s support and pushed the price down to 1.5370/65. However, the price is now consolidating at around 1.5395/1.5400. This situation was mentioned in the previous comment as the first signal for the change of trend. Indicators suggest growing bearish potential, which gives reasons to expect a bigger sell-off. Therefore, there’s quiate a possibility of further decline towards 1.5350 support. If the test of this barrier on the way down ends up with the breakout, it’ll be another sign of the upcoming reversal of the trend. The final confirmation of the reversal down will be received when the price breaks 1.5240/30 support. Until then, bulls have good chances to keep their dominating positions. Growth higher into 1.5420/30-1.5500 will indicate the possibility that the uptrend will recommence. The first target in this case will be found at 1.5560/50.

    GBP231015

    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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