Technical analysis for the GBPUSD on 26.11.2015

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The GBPUSD: upside correction

gbpusd8

Bears failed to break below tough support of 1.5105, which was breached at the beginning of the week. The re-test of the level, which acted as resistance, was fallowed by the rebound up.

As for today’s outlook, we expect correction up from 1.5055 mark to continue. Potential correction target is situated at 1.5165 resistance.

Trading volumes are low, bullish potential are no stronger than that of the bearish. Further consolidation, followed by the continuation of the bearish trend is expected after the test of the 1.5165 resistance.

Alternative scenario:

If bulls manage to push the price above 1.5165 resistance, the next target will be situated at 1.5245, where the medium-term downtrend is situated.

 

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Hello, my name is Artem. If you ask me “Why have you chosen Forex?”, I would quote a legendary bestseller “Trading for a Living” written by Alexander Elder – the greatest trader of all time: “You can be free. Live and work in any corner of the globe. You can set aside everyday troubles and be free from all bosses. This is the life of a successful trader”(a small step aside.) Now I will tell you a few words about myself: I have a two-year experience of Forex trading. I also have a trading certificate confirming that I have passed a course called “Theory and practice of international financial markets” held by a private consulting company. Currently, I’m trading in a foreign exchange market and reading books written by successful world traders. I believe only in technical analysis, as it is based on crowd psychology, while the crowd behavior is primitive.