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GBPUSD failed to break above the trend line resistance and dropped from 1.5488. Now the fall from 1.5488 could possibly be resumption of downtrend from 1.5997, another fall towards 1.5200 would more likely be seen, and a breakdown below 1.5326 will signal resumption of downtrend. Resistance remains at the falling trend line (now at 1.5495), only a clear break above the trend line resistance will suggest that the downward movement from 1.5997 is complete.



Daily Forex Signals

AUDUSD’s upward movement extended to as high as 0.9175 level. Further rise towards 0.9221 previous high is still possible later today, minor consolidation would more likely be seen before breaking above this level. Support is now at 0.9053, a breakdown below this level will indicate that consolidation of uptrend is underway, then deeper decline could be seen to 0.9000 area.



Daily Forex Forecast

GBPUSD remains in downtrend from 1.5997 and the fall extended to as low as 1.5326. Resistance is at 1.5597, as long as this level holds, downward move is expected to continue and next target would be at 1.5200 area. However, a break above 1.5597 will indicate that a cycle bottom has been formed on daily chart and the fall from 1.5997 has completed at 1.5326 already, then the following upward movement could bring price back to 1.5700-1.5800 area.

For long term analysis, GBPUSD is in uptrend from 1.4230. Rise to 1.8000 area to reach next cycle top on weekly chart is expected in next several weeks.



Weekly Forex Analysis

GBPUSD stays below a falling trend line on 4-hour chart and remains in downtrend from 1.5997. As long as the trend line resistance (Now at 1.5525) holds, another fall to 1.5200 is still possible. On the upside, the pair may be forming a cycle bottom at 1.5326, key resistance is at 1.5597, a break above this level will confirm the cycle bottom and indicate that the fall from 1.5997 has completed at 1.5326 already, then the following upward movement could bring price back to 1.5700-1.5800 area.



Daily Forex Signals