Technical analysis for the GBPUSD on 25.11.2015

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The GBPUSD broke tough support at 1.5105

gbpusd7

Bears broke and held below strong support of 1.5025 on yesterday’s session. This barrier is now acting as resistance, which is being tested at the moment.

If the re-test of the 1.5025 mark is followed by a long consolidation amid low volumes, we’ll be expecting the rebound down.

Potential decline target in this case will be situated at 1.5025 support formed on 06.11.2015. The approaching to the above mentioned level will most likely trigger a pullback up.

Alternative scenario:    

The downtrend will reverse up for correction if bulls manage to break resistance at 1.5105. The closest correction target will be found at 1.5165.

 

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