GBP USD touches the support – Analysis - 06/07/2015

The GBPUSD pair touched the main bullish channel’s support that appears on image and shows bullish rebound signals from there, and according to the trading rules inside the channels, the price is waiting a bullish wave in the upcoming period that targets regaining the main bullish trend, after showing some bearish correction for the last bullish wave.

Stochastic approaches from the oversold areas to support the expectations of witnessing positive trading on the intraday and short term basis, while the price needs to breach 1.5645 followed by 1.5720 level to get rid of any obstacles that might stop the suggested bullish wave, to extend the positive targets and reach 1.5925 then 1.6200 levels on the near term basis.

In general, the bullish trend will remain expected unless breaking 1.5525 followed by 1.5470 levels and hold below them.

Expected trading range for today is between 1.5470 support and 1.5750 resistance.

Expected trend for today: Bullish