GBPUSD forecast
14 July 2010
Today chart
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Forecast of the week, 07/12–07/16
Last week the pair quit from the uptrend boundaries (black dotted lines; the pair went below level 1.5030), which was supposed to provoke the market to drop to level 1.4600. The pair is currently trading at support level 1.4970. If it goes below level 1.4938, the downside momentum will grow stronger and the drop target will be set at support level 1.4835. Further drop below level 1.4820 will cause the downside momentum to grow even more upon the fact of quitting from another major uptrend (black dotted). And then the market will drop to support level 1.4600.
Otherwise, an uptrend will be started in case the pair rises above level 1.5192, which will be followed by moving up to resistance level 1.5610.
Forecast monthly, June
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Forecast of the week, 07/12–07/16
Last week the pair quit from the uptrend boundaries (black dotted lines; the pair went below level 1.5030), which was supposed to provoke the market to drop to level 1.4600. The pair is currently trading at support level 1.4970. If it goes below level 1.4938, the downside momentum will grow stronger and the drop target will be set at support level 1.4835. Further drop below level 1.4820 will cause the downside momentum to grow even more upon the fact of quitting from another major uptrend (black dotted). And then the market will drop to support level 1.4600.
Otherwise, an uptrend will be started in case the pair rises above level 1.5192, which will be followed by moving up to resistance level 1.5610.
Forecast monthly, June
After getting under level 1.4500 the pair went into the downtrend having the drop target seen at support level 1.4070. This trend remains in effect until the pair rises above level 1.4654.
In case the pair rises above level 1.4654, an uptrend will be started having the upside target set at resistance level 1.5100, while intermediate support will be found at level 1.4654.
In case the pair rises above level 1.4654, an uptrend will be started having the upside target set at resistance level 1.5100, while intermediate support will be found at level 1.4654.
Quarterly forecast, May – July
After touching key support level 1.4260 the pair is trading along the “E-E+” downtrend. That support level may become the endpoint of current downtrend, and even the starting point of an uptrend if the market rises above level 1.5450.
Upon rising above level 1.5450, an uptrend will be developed with the upside target set at key resistance level 1.6900, from where a correction to support 1.5450 will be possible. Next, if the pair goes on above resistance 1.6900, the upside momentum will go stronger and the pair will head to resistance level 1.8530.
Otherwise, if level 1.4260 fails keeping the pair from downside attempts and the market drops below level 1.4100, the downtrend will be resumed and the pair will get to support level 1.3230.
Upon rising above level 1.5450, an uptrend will be developed with the upside target set at key resistance level 1.6900, from where a correction to support 1.5450 will be possible. Next, if the pair goes on above resistance 1.6900, the upside momentum will go stronger and the pair will head to resistance level 1.8530.
Otherwise, if level 1.4260 fails keeping the pair from downside attempts and the market drops below level 1.4100, the downtrend will be resumed and the pair will get to support level 1.3230.
Yearly forecast, 2010 – 2011.
After touching key support level 1.4260 the pair is trading along a downtrend. If the market rises above level 1.5450, support level 1.4260 may become the starting point of an uptrend (taking into consideration the picture at weekly graph), and then the pair will get to key resistance 1.6900. A confident uptrend will be started as soon as the pair gets over that key resistance. In such case a “double bottom” trend-turning figure will be formed and the upside target will be set at intermediate resistance level 1.8530 (possibly accompanied by a correction to support 1.6900). If the market continues the upside after that, it will eventually find itself around key resistance 1.9800.
Otherwise, if the pair continues going down below key support 1.4260 and gets under level 1.4100, the downtrend will be resumed with the drop target set at intermediate support 1.3690. If the market continues the downside below that support, next target will be seen at support level 1.3230. That level is a strong support, however if the pair manages going under it, the downside momentum will grow even stronger, and the pair will eventually get to level 1.0000.
Otherwise, if the pair continues going down below key support 1.4260 and gets under level 1.4100, the downtrend will be resumed with the drop target set at intermediate support 1.3690. If the market continues the downside below that support, next target will be seen at support level 1.3230. That level is a strong support, however if the pair manages going under it, the downside momentum will grow even stronger, and the pair will eventually get to level 1.0000.