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    Technical analysis for the GBP/USD – 17.11.2015

    Bulls failed to recommence their attempts to break resistance at 1.5240/50. The price began to fall and is not testing the first barrier of the range (1.5160/30) – key support at 1.5160. Trading is carried out around 1.5160/65. Most indicators suggest further bearish development. This scenario will only confirm if SS turns down. Therefore the situation is now unclear – with the possibility of further decline bullish trend also has chances to resume. To confirm the downtrend, the price has to break support at 1.5160-1.5130. The breakout will be then followed by another test of 1.5030 with increased possibility of further decline to the next targets at 1.4940/50 and 1.4760/50, 1.4630/20. The rebound from the tested barrier will trigger reversal towards 1.5240 and possible growth towards 1.5290/1.5300.

    GBP171115

     

    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 failed to recommence their attempts to break resistance at 1.5240/50. The price began to fall and is not testing the first barrier of the range (1.5160/30) – key support at 1.5160. Trading is carried out around 1.5160/65. Most indicators suggest further bearish development. This scenario will only confirm if SS turns down. Therefore the situation is now unclear – with the possibility of further decline bullish trend also has chances to resume. To confirm the downtrend, the price has to break support at 1.5160-1.5130. The breakout will be then followed by another test of 1.5030 with increased possibility of further decline to the next targets at 1.4940/50 and 1.4760/50, 1.4630/20. The rebound from the tested barrier will trigger reversal towards 1.5240 and possible growth towards 1.5290/1.5300.

    GBP171115

    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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