GBPUSD is following a downtrend in the 4-hour chart.

Posted On 25 Jun 2015

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.1240	1.1276	1.1319
Support	1.1160	1.1117	1.1080
Primary Scenario	EURUSD is oscillating around the daily pivot point (1.1197). A bounce up form current levels will most likely push the market to retest the hurdle at 1.1240 and even higher at 1.1276.
Alternative Scenario	If the price drops back below the daily pivot, a further slide is underway towards the support level at 1.1160.

	GBPUSD	H4
Resistance	1.5781	1.5859	1.5917
Support	1.5646	1.5588	1.5510
Primary Scenario	The pair is following a downtrend in the 4-hour chart. A decisive movement downwards will lead GBPUSD to breach the key support level at 1.5646, with immediate target the next support at 1.5588.
Alternative Scenario	A higher thrust of the currency pair will lift the market above the daily pivot towards the resistance at 1.5781.

	USDCHF	H4
Resistance	0.9374	0.9415	0.9462
Support	0.9286	0.9239	0.9198
Primary Scenario	USDCHF is revolving the daily pivot at 0.9327. An upward wave would trigger the market to penetrate the barrier at 0.9374, targeting the forthcoming resistance level at 0.9415.
Alternative Scenario	A break below the daily pivot point will open the way down to 0.9286.

	USDJPY	H4
Resistance	123.75	124.02	124.36
Support	123.45	123.13	122.54
Primary Scenario	The pair topped up at 124.36, before retracing within the cloud. If the bears manage to take control of the bulls, USDJPY will attempt to violate the lower level of the Kumo (123.45). If that happens the pair will find support at 123.13.
Alternative Scenario	Alternatively, strong intra-day movement will generate strength for the exchange rate to exceed the hurdle at 123.75 and even higher at 124.02.

	AUDUSD	H4
Resistance	0.7754	0.7806	0.7842
Support	0.7666	0.7630	0.7578
Primary Scenario	AUDUSD is revolving the daily pivot point (0.7718). If the pair manages to withhold the sellers’ pressure, the rate will climb towards the resistance level at 0.7754 and further up to 0.7806.
Alternative Scenario	A comeback of the pair will push prices to breach the daily pivot, with immediate target the support level at 0.7666.

The post GBPUSD is following a downtrend in the 4-hour chart. appeared first on Forex Circles.

Source:: GBPUSD is following a downtrend in the 4-hour chart.

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