Date: 12.11.2012 Time: 17:46 Rate: 1.5872
4 Hour chart
Last Review
GBP/USD Forecast- The price did breach the 1.6000 price level and ascended towards the 1.6040 level which is an exact 38.2% correction of the downtrend marked with red broken line. Breaking the 1.5960 price level will probably lead the price towards the 1.5900 price level which is a 50% Fibonacci correction of the last uptrend which is marked with blue broken line. On the other hand, stoppage of the price at the current area and breaching the 1.6040 price level will probably continue the correction while its target is the 1.6100 price level.
Current review for today
GBP/USD Forecast- The price did go down to the 1.5900 price level after breaking the 1.5960 support level. It is possible to assume that currently it is on its way towards the closest Fibonacci on the 1.5800 price level at first stage. By the descending price structure which is currently appearing, every move upwards will only be a correction to the previous downtrend. On the other hand, it is possible to see that the price is currently moving on the lower lip of the descending price channel which is also a dynamic support. If we will see a creation of an ascending price structure, then there will be a possibility for a correction in size of between a third and two thirds of the downtrend which started on the 1.6020 price level.
You can see the chart below:
