Date: 13.11.2012 Time: 16:58 Rate: 1.5885
4 Hour chart
Last Review
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.
Current review for today
GBP/USD Forecast- It is possible to see that the last trading day characterized in stoppage of the price on the lower lip of the descending price channel (red broken lines) while it is not passing it. This lip is used as a dynamic support and breaching the 1.5915 price level will create an ascending price structure and become a trigger to an uptrend that will initially perform a correction in size of 38.2% of the downtrend which started on the higher lip of the tunnel (blue broken line), meaning the 1.5979 price level. On the other hand, breaking the last low on the 1.5858 pr5ice level and proven breaking of the lower lip of the price channel will probably continue the downtrend towards the 1.5800 price level, which is used as a 61.8% Fibonacci correction of the last uptrend.
You can see the chart below:
