GBP/USD: Break Up Of 1.2300 Will Start Uptrend To 1.2950
Anton Kolhanov | Oct 19, 2016 05:17AM ET
The market is trading along a sideways trend between support 1.2130 and resistance 1.2300.
An uptrend will start as soon as the market rises above resistance level 1.2300, which will be followed by a move up to resistance level 1.2450 and 1.2730, 1.2950.
Alternative scenario:
A downtrend will start as soon as the market drops below support level 1.2130, which will be followed by a move down to support level 1.1950.
Previous forecast:
Monthly forecast, October 2016: downtrend to 1.2450
Main scenario:
The market is trading along a downtrend with target on 1.2450, that may be expected to continue, while market is trading below resistance level 1.2950.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1.2950, which will be followed by moving up to resistance level 1.3300.
Previous forecast:
Quarterly forecast, July - September, 2016: break down of 1.3118 will open target to 1.2500 - 1.2000
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Main scenario:
The pair is trading along a downtrend and if it keeps on moving down below 1.3118, we may expect the pair to reach support level 1.2500 - 1.2000.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1.3910, which will be followed by moving up to resistance level 1.4600 and 1.5120.
Previous forecast:
Yearly forecast, 2016
Main scenario:
The pair is trading along a downtrend with target on 1.4070, that may be expected to continue, while pair is trading below resistance level 1.5440. If market will keeps on moving down below that 1.4070, we may expect the pair to reach next support level 1.3300.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1.5440, which will be followed by moving up to resistance level 1.7130.
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