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Pound/Dollar: Expected Movement in Sideways Channel


In the review on the European session I expected a fall of the GBP/USD to 1.5325. It fell to 1.5434 and only today reached 1.5326. A sideways channel has formed. Taking into account that the ECB is to convene tomorrow and Mark Carney will speak today, I’ve gone for a fall of the pound to the lower limit of the channel at 1.5414 and then a return to 1.5475. Be prepared for the GBPUSD going lower than 1.5414.

Hourly Graph


The pound/dollar has been forming a long-shaded candle for four days now. It’s worth paying attention to the candle combination since the GBPUSD could shift itself very quickly to 1.5350/60.

Daily Graph


No comment.

Weekly Graph

21 October, 14:50 (GMT+3)
Euro/Dollar Trading in 40 Point Range


Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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