How Far The GBP Will Fall Against The USD?

June 28, 2013 in Chart Alert

GBP/USD continued it’s fall for the second week in a row after failing at 1.5751. We can’t say that the currency pair stands right now at 1.5233 because GBPUSD is failing to stand at all. How far it may fall? Well, can I answer it? No. Can we answer it? Again “No”. So let us see some of the charts and what those charts say.

Please also check other recent alerts for GBP/USD.

GBPUSD Weekly chart and the trend line support

GBP/USD- The next target

If we wee the short-term support trend line which has been emerging, the support is where the psychological push of 1.5000 levels comes in i.e. in the range of 1.5080 to 1.5120. A support would be expected in that range if the pair does not find any minor support before that. But then considering this strong fall we will not ignore the possibilities that this support fails. In case this fails then a retest of 1.5008 to 1.5014 can not be ignored.

If 1.5000 psychological support fails

GBPUSD longer term

Well, if 1.5000 psychological support fails then our focus will turn towards 1.4770 to 1.4790 support.

Recent resistance levels

current resistance level for GBP/USD

As clear from the above 4-hourly chart, the resistance during the whole of last week has been mainly coming near 5-period EMA on the 4-hour chart. During the beginning of the last week a break over that had brought resistance below 55-period EMA. In case this resistance fails then we would expect a resistance near 22-period EMA which is close to 1.5298 now.

You may also like to check the weekly GBP/USD predictions.

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