Technical analysis for the GBPUSD on 24.11.2015

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The GBPUSD: the downtrend has halted at 1.5105 support

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Having breached support at 1.5165, the downtrend managed to reach the next closest target at 1.5105. The price approached this level amid low volumes, which is a sign of a possible correction up.

The closest growth target will be found at 1.5165 resistance. After the test of this level we expect consolidation, followed by the continuation of the downtrend.

Potential decline target is situated at 1.5106 support, which will be tested at 16.30, during the release of the US GDP data. The breakout of this mark will open the way down tо 1.5025.

Alternative scenario:  

Correction up will continue if bulls manage to push the price above the resistance of 1.5165. Potential correction target will be found at 1.5245.

 

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