GBPUSD 2015-06-23

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Higher volatility; more downside pressure

On the short-term, The price succeeded to first main waited target at 1.5800 and achieved an initial breach for this level and close above it, which provides more support for our expectations for more positive in the upcoming period, waiting for targeting 1.6115 level as a next main station. which signals that the way is open for achieving more of the positive targets that extend to 1.6230. before any new negative attempt. the price needs to break 1.5400 then 1.5200 level to confirm heading towards the extended target that reach towards 1.5140. taking into consideration that close below 1.5140 will push the price to decline towards 1.5020 then 1.4910 levels.

Most of the currencies are going on a stabilizing rate between certain levels to consolidate the recent strong move we have seen on the last 6 months. As we have mentioned before ; the breakout was on the downside which means further drop toward 1.42 levels for the mid-term and that means the continuation for the strong dollar across the markets.

On the long-term view : still a lower levels is expected with stabilizing near 1.30s levels , the major turning point would be the May elections – The dollar effect which mainly would move the rate ; however , the stabilization is expected because of the expectation that BoE would hike rate after the Fed expected move.

Daily Trend: Up
Weekly Trend: Down

  Support Resistence
Level 1 1.5650 1.5830
Level 2 1.5550 1.5920
Level 3 1.5380 1.6020


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