GBPUSD forecast
26 August 2010
Today chart
Current trend is ascending.
Upward trend can start its development in a case of the pair movement higher the level of 1.5570, after that the arrival on the resistance level of 1.5660 will happen.
Downtrend can start its development from this levels with target on 1.5470 and in a case of the pair movement lower the level of 1.5470, after that the arrival on the support level of 1.5300 will happen.
Supports: 1.5470, 1.5300
Ressitances: 1.5570, 1.5660
Forecast of the week, 08/23–08/27
Last week the pair quit from the “B-B+” uptrend, which caused the downtrend to develop with the downside target set at support level 1.5285. As long as the pair is trading below level 1.5670, downtrend is in effect. Nearest support is located at level 1.5450, and the next one is at 1.5285. Possibility of reaching support 1.5195 can’t be excluded as well. Otherwise, an uptrend will be started in case the pair rises above level 1.5670, which will be followed by moving up to resistance level 1.5880.
Forecast monthly, August.
Current trend is ascending.
Upward trend can start its development in a case of the pair movement higher the level of 1.5570, after that the arrival on the resistance level of 1.5660 will happen.
Downtrend can start its development from this levels with target on 1.5470 and in a case of the pair movement lower the level of 1.5470, after that the arrival on the support level of 1.5300 will happen.
Supports: 1.5470, 1.5300
Ressitances: 1.5570, 1.5660
Forecast of the week, 08/23–08/27
Last week the pair quit from the “B-B+” uptrend, which caused the downtrend to develop with the downside target set at support level 1.5285. As long as the pair is trading below level 1.5670, downtrend is in effect. Nearest support is located at level 1.5450, and the next one is at 1.5285. Possibility of reaching support 1.5195 can’t be excluded as well. Otherwise, an uptrend will be started in case the pair rises above level 1.5670, which will be followed by moving up to resistance level 1.5880.
Forecast monthly, August.
The pair is trading along the “B-B+” uptrend (the “a” wave) having the upside target seen at resistance level 1.5895. In case it rises above level 1.6000, the uptrend will resume and the next upside target will be set at resistance level 1.6400. Yet for the time being we may expect the trend to turn from level 1.5895 as the “b” downside correctional wave goes in under condition that the pair drops below level 1.5448, which will be followed by moving down to support level 1.5050. After the pair gets to that level we may expect the uptrend to resume as the “c” wave goes in with the upside target set at resistance 1.6200.
Forecast quarterly, August–October
After the pair rose above level 1.5400 it quit from the “E-E+” downtrend. At this moment an uptrend is being developed with the upside target set at resistance levels 1.6420–1.6850. This trend is supposed to evolve within the “a” upside wave with the upside target set at resistance level 1.5895, next within the “b” wave with the downside target set at support level 1.5050 and finally within the “c” wave with the upside target set at destination levels 1.6420–1.6850. If the market keeps on rising above level 1.6850, a “double bottom” figure will be formed and the upside momentum will grow stronger, which will set the next upside target at resistance level 1.8530, and then at 1.9800 (just a prospective).
Otherwise, if the pair fails rising above level 1.6850, it will start developing sideways trend in a form of “triangle” figure. Then the downside wave will start within that trend having the downside target set at level 1.4600.
Otherwise, if the pair fails rising above level 1.6850, it will start developing sideways trend in a form of “triangle” figure. Then the downside wave will start within that trend having the downside target set at level 1.4600.
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.