GBP/USD Downtrend May Start Soon
Forex Million | Oct 20, 2014 06:57AM ET
Main scenario:
The pair is trading along an uptrend.
The uptrend may be expected to continue while pair is trading above support level 1.6080, which will be followed by reaching resistance level 1.6170 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1.6250.
Alternative scenario:
An downtrend will start as soon, as the pair drops below support level 1.6080, which will be followed by moving down to support level 1.5955.
Previous forecast:
Weekly Forecast, 20 - 24 October
Main scenario:
The pair is trading along an sideways trend.
An uptrend will start as soon, as the pair rises above resistance level 1.6250, which will be followed by moving up to resistance level 1.6400 and then to 1.6600.
Alternative scenario:
An downtrend will start as soon, as the pair drops below support level 1.6040, which will be followed by moving down to support level 1.5725.
Previous forecast:
Monthly forecast, October - November
Main scenario:
The pair is trading along an downtrend.
The downtrend may be expected to continue in case the market drops below support level 1.6040, which will be followed by reaching support level 1.5730.
Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1.6400, which will be followed by moving up to resistance level 1.720.
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Previous forecast:
Long-term forecast: May - August
Main scenario:
The pair is trading along an uptrend.
An downtrend has already started from resistace level 1.7040, which will be followed by moving down to support level 1.6250 and then to 1.5500 - 1.5200.
Alternative scenario:
An uptrend will start as soon, as the pair rises above resistance level 1.7230, which will be followed by moving up to resistance level 1.7800 and 1.9200.
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