Falling to range lows at 1.5900 | 12 November 2013
12 November 2013, GBP/USD
The GBP/USD pair is still moving in a sideways consolidation within a broader short/mid-term up-trend. It is currently moving down towards the range lows at 1.5900 and it will probably continue down until it reaches there. The sideways consolidation mode may be close to completion. The previous trend was up so normally the expectation would be for an upside break and a continuation higher, however the Chaikin Money Flow Index, which is a useful indicator for analysing sideways markets is indicating weakness, so a downside break is also a possibility. A move below 1.5860 would indicate such a break and generate a target of 1.5615, however, in the absence of such a breakdown a continuation of the sideways trend is expected.
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