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GBP/USD: H&S Formation With Target To 1.2920

GBP/USD: H&S Formation With Target To 1.2920

GBP/USD:

Main scenario:The pair is trading along a sideways trend with formation of pattern “head and shoulders”, between support 1.3035 and resistance 1.3180.

Alternative scenario:A downtrend will start as soon, as the pair drops below support level 1.3035, which will be followed by moving down to support level 1.2920.

GBP/USD Hourly Chart

previous forecast:

GBP/USD Hourly Previous Forecast

Weekly forecast, August 22 – 27: downtrend to 1.2920

Main scenario:The pair has rebounded from resistance 1.3180 and now is trading in downtrend with target on support 1.2920.

Alternative scenario:The uptrend may be expected to continue in case the market rises above resistance level 1.3180, which will be followed by reaching resistance level 1.3300.

GBP/USD 4-Hour Chart

previous forecast:

GBP/USD 4-Hour Previous Forecast

Monthly forecast, August/September 2016: sideways between 1.2920 and 1.3300

Main scenario:The pair is trading along a sideways trend between support 1.2920 and resistance 1.3300.The downtrend may be expected to continue in case the market drops below support level 1.2920, which will be followed by reaching support level 1.2700 – 1.2500.Alternative scenario:An uptrend will start as soon, as the pair rises above resistance level 1.3300, which will be followed by moving up to resistance level 1.3550.

GBP/USD Daily Chart

previous forecast:

GBP/USD Daily Previous Forecast

Quarterly forecast, July – September, 2016: break down of 1.3118 will open target to 1.2500 – 1.2000

Main scenario:The pair is trading along a downtrend and if it keeps on moving down below 1.3118, we may expect the pair to reach support level 1.2500 – 1.2000.Alternative scenario:An uptrend will start as soon, as the pair rises above resistance level 1.3910, which will be followed by moving up to resistance level 1.4600 and 1.5120.

GBP/USD Weekly Chart

previous forecast:

GBP/USD Weekly Chart

Yearly forecast, 2016

Main scenario:The pair is trading along a downtrend with target on 1.4070, that may be expected to continue, while pair is trading below resistance level 1.5440. If market will keeps on moving down below that 1.4070, we may expect the pair to reach next support level 1.3300.

Alternative scenario:An uptrend will start as soon, as the pair rises above resistance level 1.5440, which will be followed by moving up to resistance level 1.7130.

GBP/USD Monthly Chart

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