Estimated reading time: 0 minutes
Although GBP/USD is currently holding onto its upward trend in the medium term, a heavy downward trend is also possible as the pair faces bearish threats.
The upward trend is likely to continue if the pair breaks and holds above the 1.7176/88 level.
If this fails, support lies within the 1.7058/60 and a break will aim at 1.7000 followed by 1.6921/22 levels.
But a break of the former will turn attention to the 1.6850 level.
On the upside, resistance resides at the 1.7180 level where a break will aim at 1.7200 and possibly higher up to 1.7300.
In general, GBP continues to retain its medium term upside bias but faces corrective weakness threats.
Sequel to this, AutochartistTM has predicted (following their analysis) that within a period of 10 days, GBP/USD is likely going to test the 1.6738 level.
This analysis is meant for long/medium term traders. Goodluck in your trading career.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
August 23, 2017 By Warren
Some social media users have been blasting and trolling Meir Barak of Tradenet because he said in one of his...
June 7, 2017 By Warren
Is Forex School Online going to really teach you the right skills needed to make money from the markets? We...
June 6, 2017 By Warren
The word ''Forex'' is an intriguing phrase for most people. That alone makes the Forex market a healthy breeding ground...
June 6, 2017 By Warren
Traders Elite (traderselite.com) is a scam that claims to have the secret of identifying the exact millisecond to enter and...
June 4, 2017 By Warren
The Forex market is a lucrative place to be. However, it is also a conducive environment where scams like Super...
Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More
Don’t Fall Into the Dirty Hands Of Forex Scammers! Get Free Reports on Forex Products and Services that Really Work.