GBP/USD today's market forecast 09/02/11
2 September 2011
Today's forecast
The pair is trading along an downtrend.
The downtrend may be expected to continue from current levels, which will be followed by reaching support level 1.6130 and then 1.6040.
An uptrend will start as soon as the pair rises above resistance level 1.6275, which will be followed by moving up to resistance level 1.6405.
Resistances: 1.6275, 1.6325, 1.6405, 1.6450
Supports: 1.6180, 1.6130, 1.6040
Forecast weekly, 08/22–08/26
The pair is trading along an uptrend.
An uptrend will start as soon as the pair rises above resistance level 1.6540, which will be followed by moving up to resistance level 1.6715.
An downtrend will start as soon as the pair drops below support level 1.6420, which will be followed by moving down to support level 1.6270/30.
Resistance: 1.6540, 1.6715 (strong, target level)
Support: 1.6470, 1.6240 (strong), 1.6270 (strong, target level), 1.6130
Forecast weekly, June
The pair is trading along an uptrend, repeatedly rebounding from the “R” trendline (resistance level 1.6510). If the market rises above that level, we can expect the uptrend to continue with the upside target set at resistance 1.6620. If it keeps on rising higher, it will reach resistance 1.6715.
A downtrend can start in case the market moves down below support 1.6400, which will be followed by reaching support level 1.6120. If the pair will keep moving down, it will get to support 1.5830.
Resistances: 1.6510, 1.6715
Supports: 1.6400, 1.6250, 1.6120, 1.5830
The pair is trading along an downtrend.
The downtrend may be expected to continue from current levels, which will be followed by reaching support level 1.6130 and then 1.6040.
An uptrend will start as soon as the pair rises above resistance level 1.6275, which will be followed by moving up to resistance level 1.6405.
Resistances: 1.6275, 1.6325, 1.6405, 1.6450
Supports: 1.6180, 1.6130, 1.6040
Forecast weekly, 08/22–08/26
The pair is trading along an uptrend.
An uptrend will start as soon as the pair rises above resistance level 1.6540, which will be followed by moving up to resistance level 1.6715.
An downtrend will start as soon as the pair drops below support level 1.6420, which will be followed by moving down to support level 1.6270/30.
Resistance: 1.6540, 1.6715 (strong, target level)
Support: 1.6470, 1.6240 (strong), 1.6270 (strong, target level), 1.6130
Forecast weekly, June
The pair is trading along an uptrend, repeatedly rebounding from the “R” trendline (resistance level 1.6510). If the market rises above that level, we can expect the uptrend to continue with the upside target set at resistance 1.6620. If it keeps on rising higher, it will reach resistance 1.6715.
A downtrend can start in case the market moves down below support 1.6400, which will be followed by reaching support level 1.6120. If the pair will keep moving down, it will get to support 1.5830.
Resistances: 1.6510, 1.6715
Supports: 1.6400, 1.6250, 1.6120, 1.5830
Forecast Quarterly, December/January–March
The pair couldn’t rise above key resistance level 1.6290 (which belongs to “R+” trendline). This put an end to the “Y-Y+” uptrend and initiated a downtrend with the downside target set at supports 1.4535–1.4625.
As soon as the pair gets well under key support level 1.5570 we may expect it to drop down to support 1.5350 and further to 1.4530 (which belongs to “R” trendline). If the market continues moving down below level 1.4535, the path towards support level 1.3690 becomes open.
Otherwise, if the pair rises above resistance level 1.5990, an uptrend may start and lead the pair to resistance level 1.6850 meeting intermediate resistances at levels 1.6185 and 1.6445 on the way up. The next resistance is located at level 1.7250.
As soon as the pair gets well under key support level 1.5570 we may expect it to drop down to support 1.5350 and further to 1.4530 (which belongs to “R” trendline). If the market continues moving down below level 1.4535, the path towards support level 1.3690 becomes open.
Otherwise, if the pair rises above resistance level 1.5990, an uptrend may start and lead the pair to resistance level 1.6850 meeting intermediate resistances at levels 1.6185 and 1.6445 on the way up. The next resistance is located at level 1.7250.
Yearly forecast, 2010 – 2011.
After touching key support level 1.4260 the pair is trading along a downtrend. If the market rises above level 1.5450, support level 1.4260 may become the starting point of an uptrend (taking into consideration the picture at weekly graph), and then the pair will get to key resistance 1.6900. A confident uptrend will be started as soon as the pair gets over that key resistance. In such case a “double bottom” trend-turning figure will be formed and the upside target will be set at intermediate resistance level 1.8530 (possibly accompanied by a correction to support 1.6900). If the market continues the upside after that, it will eventually find itself around key resistance 1.9800.
Otherwise, if the pair continues going down below key support 1.4260 and gets under level 1.4100, the downtrend will be resumed with the drop target set at intermediate support 1.3690. If the market continues the downside below that support, next target will be seen at support level 1.3230. That level is a strong support, however if the pair manages going under it, the downside momentum will grow even stronger, and the pair will eventually get to level 1.0000.
Otherwise, if the pair continues going down below key support 1.4260 and gets under level 1.4100, the downtrend will be resumed with the drop target set at intermediate support 1.3690. If the market continues the downside below that support, next target will be seen at support level 1.3230. That level is a strong support, however if the pair manages going under it, the downside momentum will grow even stronger, and the pair will eventually get to level 1.0000.
