Weekly chart
Last review
GBP/USD forecast – The price fell under the descending trend line that is connecting the peaks (red broken line) and corrected the last uptrend (black broken line) by exactly 38.2%to the 1.5985 price level. Breaching of the 1.6300 price level will probably lead the price north towards the next resistance on the 1.6550 price level. On the other hand, descend of the price under the 1.5985 price level will probably lead the price towards the next Fibonacci level.
Current review for today
GBP/USD forecast – The price has checked the 1.6170 resistance level during the last trading week and descended again towards the 1.5985 area which is a 38.2% correction of the last uptrend which is marked with black broken line. Breaking this level will probably lead the price towards the next support on the 1.5778 price level, while this level is used as a 61.8% Fibonacci correction level of the mentioned uptrend. On the other hand, stoppage of the price at the current area and breaching the 1.6300 price level will probably lead the price north towards the next resistance on the 1.6550 price level.
You can see the chart below:
Daily chart
Last review
GBP/USD forecast – The price did break the 1.6100 price level and the ascending trend line, fell to the 1.5966 Fibonacci level (two third correction of the uptrend marked with blue broken line), stopped at this area and continued to ascend. It is possible to see that the 1.5997 Fibonacci level which is a 38.2% correction of the larger uptrend that is marked with black broken line is located at the stoppage area. Breaking of the 1.5966 price level will probably lead the price to continue the descending move with first target on the 1.5900 price level which is a 50% correction of the large uptrend, and breaking this level will lead the price towards the next Fibonacci on the 1.5800 price level. On the other hand, stoppage of the price at the current area and its establishment above the ascending trend line (black broken line) will indicate that in case of breaching the 1.6300 resistance level, its target will be the 1.6550 price level which is the closest resistance seen in the weekly chart.
Current review for today
GBP/USD forecast – The price has stopped on the 1.5966 Fibonacci level and ascended during most of the last trading week, but it is possible to see that the ascending trend line (black broken line) was not breached again and in addition the descending trend line (red broken line) has stopped the uptrend in the last two days and made two large red candles that covered all the move upwards that was made during the week. Breaking the 1.5966 price level will probably lead the price towards its first target on the 1.5900 price level which is a 50% correction of the last large uptrend (black broken line). Breaking this level will lead the price towards the next Fibonacci on the 1.5800 price level. On the other hand, stoppage of the price at the current area and breaching the 1.6178 price level, will create an ascending price structure with first target will probably be on the 1.6300 price level.
You can see the chart below:
