Monthly chart: bulls are vehement in their task and do not let a full rollback to happen. In the terms of trend's structure, they need one more Low in the beginning of December so they can get a completed rollback (further to which they can proceed to a full attack). Current resistance is located into the upper band (1.3809), whereas support line is based on the medium one (1.3106).
After a possible rollback to the medium one, we can consider about the possibility of very profitable entrances to purchases with medium target as for 1.4260.
Weekly chart: bulls successfully broke inside bar, thereby enhanced determination for the northern movement. Nevertheless, rollback to the medium (1.3352) can be expected from 1.3809 .
Daily chart: the last hope of bears is Over&Under pattern (purple arrow, entrance at 1.3642). However, in the terms of trend's structure, bear trend will be broken n this zone and the probability of further break up will grow.
Conclusion: main option is breakthrough to 1.3642 and growth to 1.3809, with target to 1.4260 (further to rollback to 1.3576). Alternative option is an abrupt bounce from zone 1.3642 and start of descent to 1.3287 and 1.3105.
Monthly chart: the pair continues to accumulate trend's potential inside of horizontal channel 1.4818-1.6471 (with a well-shaped in zone 1.6245). Thus, we can talk about significant growth of GBP only upon breakthrough above 1.6471. ADX shows interest in what happens, but is not in its full power.
Weekly chart: a fairly serious resistance at 1.6245, but Bollinger envelopes are aimed up, thus, bounce and breakthrough plans seem to be equally probable. In case of bounce, minimum target will be Bollinger medium (1.5711), and under breakthrough that will be 1.6471.
Daily chart: in the very end of the week ADX woke up, which increases probability of break up. Nevertheless, density of resistance did not get low so far.
Also it is obvious that support 1.5912 is very significant to the upward front, leave to lower line would ruin flat range, within which the pair had been staying over entire Autumn.
Conclusion: main option is break of the level 1.6245 and growth to 1.6471 with further descending retracement. Alternative option is bounce from 1.6245 to 1.5912.
Monthly chart: key support is the bottom Bollinger band and the last bottom is 0.8852 – the zone, which must be broken to enhance a new downward wave. Otherwise, we will witness “double bottom” and as the result – of a reversal up. Targets for movement will be 0.8574, 0.8072 and 0.70, in case of reversal - Bollinger medium band 0.9956 and further 1.0616.
Weekly chart: local Over&Under is seen, therefore, the forecast level is 0.90 – from it either bulls will turn to work up or zone will be broken and bearish potential will be open for breaking below 0.8852.
Daily chart: taking into account that the pair is rather oversold, we can conclude that bullish plans at least equally probable with the possibility of the pair's decline.
Conclusion: the main plan is an abrupt movement up from 0.90, with the first target as of 0.9956. So, the main option is the break of 0.90 and attack of 0.8856. In case of success, bears will get prize in the form of movement down to 0.8070 and to 0.70 in the long run.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us