In their dispute with the analysts, the indicators turned out to be right when they clearly pointed to GBP/USD’s further fall.
Forecast for Coming Week
Summing up the views of several dozen analysts from world leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis the following can be said:
The GBP/USD pair is replaying last week’s scenario as both experts and graphic analysis cannot wait to see a rebound at least up to 1.4370 (H1) while larger timeframes show bigger rebounds – 1.4520 on H4 and 1.4700 on D1. However, all indicators still insist on a continuing downtrend. Moreover, the W1 chart clearly shows that there’s room for the pair to fall – it’s at the low of May 2010 now but there is still the low of January 2009 at 1.3500, which may become the next target.
Roman Butko, NordFX