According to 1 chart, the GBPUSD pair has printed support at the 1.5671 levels, resistance comes at the 1.5709 levels .
On the downside, a failure to hold below the 1.5671 levels on hourly closing basis could mean a return to the 1.5709 levels, sustained breakout – an hourly closing- above the 1.5709 levels will target the 1.5750 levels ahead of the 1.5800 levels (weekly target)..
On the downside, losing the 1.5671 levels on hourly closing basis will bring a corrective pullback towrads the 1.5554/1.5595 levels before the next rise towards the 1.5750/1.5800 levels…
In all, as long as 1.5671 support holds on hourly closing basis, outlook in GBPUSD remains on the upside towrads the 1.5750 levels ahead of the 1.5800 levels, below 1.5671 sees a corrective pullback towrads 1.5554/1.5595 levels before the next rise towrads the 1.5750/1.5800 levels….
If you read my weekly forecast, first target comes at the 1.5675 levels, a failure to hold above the 1.5675 levels on a daily closing basis could push the pair lower towards the 1.5551 levels before flying towards the 1.5785 levels (next target)…buy in return , a daily closing above the 1.5675 levels is likely to advance the pair towards the 1.5785 levels..
Conclusion: The 1 hour chart exactly matches with our weekly forecast…..
Scalpers: can buy the pair around /below 1.5671 cautiously!!………
[su_quote]Update: Immediate Support comes at the 1.5639 levels, the pair is likely to consolidate within 1.5639/1.5709 levels, below 1.5639 on an hourly basis will open 1.5595/1.5554 levels, above the 1.5709 will open 1.5750/1.5800 levels…[/su_quote]
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