GBP/USD Trading Along A Sideways Trend
Forex Million | Oct 02, 2014 03:51AM ET
Main scenario:
The GBP/USD is trading along a sideways trend.
An downtrend will start as soon as the pair drops below support level 1.6170, which will be followed by moving down to support level 1.6100.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1.6240, which will be followed by moving up to resistance level 1.6285 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1.6400.
Previous forecast:
Weekly Forecast: 29 September - 03 October
Main scenario:
The pair is trading along a downtrend.
The downtrend may be expected to continue while pair is trading below resistance level 1.6285, which will be followed by reaching support level 1.6170 and if it keeps on moving down below that level, we may expect the pair to reach support level 1.6040.
Alternative scenario:
An uptrend will start as soon as the pair rises above resistance level 1.6285, which will be followed by moving up to resistance level 1.6400 and if it keeps on moving up above that level, we may expect the pair to reach resistance level 1.6600.
Previous forecast:
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Monthly Forecast: October - November
Main scenario:
The pair is trading along a 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.
Previous forecast:
Long-Term Forecast: May - August
Main scenario:
The pair is trading along an uptrend.
A 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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