GBPUSD forecast
1 June 2010
Today chart
Forecast of the week, 05/31 – 06/04.
The market is trading along sideways trend. After rebounding from the “E” trendline and breaking the “B+” trendline the market gets a chance to develop an uptrend. However the start of development must be accompanied by the break of new trend’s confirmation level.
In case the pair rises above level 1.4655, an uptrend will be started with the upside target seen at resistance level 1.4938. If the pair keeps on rising above that level, it will then get to resistance 1.5150.
Otherwise, if the pair goes below level 1.4310, a downtrend will be started with the drop target seen at key support level 1.4150. If the pair goes below level 1.4080 the downside momentum will grow stronger and the next drop target will be set at level 1.3690.
Forecast monthly, June.
Forecast of the week, 05/31 – 06/04.
The market is trading along sideways trend. After rebounding from the “E” trendline and breaking the “B+” trendline the market gets a chance to develop an uptrend. However the start of development must be accompanied by the break of new trend’s confirmation level.
In case the pair rises above level 1.4655, an uptrend will be started with the upside target seen at resistance level 1.4938. If the pair keeps on rising above that level, it will then get to resistance 1.5150.
Otherwise, if the pair goes below level 1.4310, a downtrend will be started with the drop target seen at key support level 1.4150. If the pair goes below level 1.4080 the downside momentum will grow stronger and the next drop target will be set at level 1.3690.
Forecast monthly, June.
The pair is trading along a downtrend. Rebounding from the “E” trendline and break of the “B+” trendline speak in favor of an uptrend development, which will be started in case the pair rises above level 1.4655 with the upside target set at level 1.5150 and then at 1.5450.
Downtrend may be continued in case the pair goes under level 1.4080. If so, the market will drop to intermediate support level 1.3690, which will be followed by possible rebound back to resistance level 1.4055 and further downside to key support level 1.3370.
Downtrend may be continued in case the pair goes under level 1.4080. If so, the market will drop to intermediate support level 1.3690, which will be followed by possible rebound back to resistance level 1.4055 and further downside to key support level 1.3370.
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.