GBPUSD is following a correction course.

Posted On 10 Sep 2015

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.1236	1.1268	1.1321
Support	1.1152	1.1099	1.1068
Primary Scenario	EURUSD is now poised to penetrate the hurdle in line at 1.1236. If that happens, the currency pair will most likely attempt to target the resistance level at 1.1268.
Alternative Scenario	A comeback of the market will push prices to find support at the daily pivot point at 1.1184.

	GBPUSD	H4
Resistance	1.5396	1.5427	1.5451
Support	1.5342	1.5318	1.5287
Primary Scenario	The pair is following a correction course. A deeper correction of GBPUSD would lead the market to breach the support level at 1.5342, with immediate target the forthcoming level at 1.5318.
Alternative Scenario	An upward wave will lift the exchange rate towards the daily pivot (1.5372) and even higher at 1.5396.

	USDCHF	H4
Resistance	0.9811	0.9871	0.9919
Support	0.9703	0.9654	0.9595
Primary Scenario	USDCHF is gyrating the daily pivot at 0.9763. A decisive movement to the north will trigger the market to climb towards the resistance levels at 0.9811 and 0.9871.
Alternative Scenario	A break back below the daily pivot will push prices to find support at 0.9703.

	USDJPY	H4
Resistance	120.79	121.28	121.77
Support	120.52	120.08	119.34
Primary Scenario	The pair intends to retest and surpass the barrier at 120.79. The next resistance is seen at 121.28 and even higher at 121.77.
Alternative Scenario	On the other hand, a breach of the Tenkan-sen line at 120.52 will lead the rate down to 120.08.

	AUDUSD	H4
Resistance	0.7053	0.7093	0.7117
Support	0.6988	0.6964	0.6923
Primary Scenario	AUDUSD bottomed at 0.6945, before retracing below the daily pivot zone (0.7029). A forceful attempt to violate the support level at 0.6988 will open the way down to 0.6964 and then lower to 0.6923.
Alternative Scenario.	Should the pair manage to exceed the daily pivot, the next resistance is estimated at 0.7053.

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Source:: GBPUSD is following a correction course.

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