Date: 19.11.2012 Time: 16:56 Rate: 1.5909
4 Hour chart
Last Review
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.
Current review for today
GBP/USD Forecast- it is possible to see that the downtrend has stopped on the lower lip of the descending price channel (red broken line) and after being in this area, the price is trying to breach the 1.5915 resistance level. Breaching this level and the establishment of the price above this level will probably lead the price towards the 1.5960 price level which is a 38.2% Fibonacci correction level of the downtrend started around the 1.6160 area. On the other hand, stoppage of the price at the current area and breaking the last low will lead the price to a continuation of the downtrend.
You can see the chart below:
