JuliaFX

Forex Forecast for 22-26 February 2016

FX:GBPUSD   British Pound/U.S. Dollar
First, about the forecast for the previous week:
The GBP/USD             pair’s drop was greater than expected. After breaking through support at 1.4365, the pair fell to 1.4245 and entered a 1.4245-1.4395 sideways channel with a 1.4310 pivot point.

Forecast for Coming Week
Summarizing 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 suggested:
As for GBP/USD             , 40% of the experts and graphical analysis on H4 and D1 indicate that now the pair is at the top boundary of a 1.4200-1.4400 channel, along which it will be moving all week. This is echoed by 33% of the indicators on H4 and 75% of them on D1. At the same time, graphical analysis doesn’t rule out that end of this week or early next week, GBP/USD             will break through the top boundary of the channel, turn resistance into support and continue its sideways trend in a 1.4400-1.4620 range with a 1.4500 pivot point.

Roman Butko, NordFX
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