Graphical analysis turned out to be only 50% right about GBP/USD . According to its forecast, the pair was supposed to rebound upwards first, then drop to support at 1.5085 and further to around 1.5025. In fact, starting from Monday, the pair began to fall and reached the set bottom by Friday, ending up at 1.5030.
Forecast for the upcoming week.
Summing up the opinions of several dozen analysts from world leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be put forward:
The analysts and all tools of technical and graphical analysis almost unanimously suggest that GBP/USD should fall to the rates of last March. The nearest support is set at 1.5000, with the next at 1.4890.
Roman Butko, NordFX