Date: 05.11.2012 Time: 17:59 Rate: 1.5976
4 Hour chart
GBP/USD Forecast- the price is breaching the descending trend line between the lows (red broken line), while it is possible to assume that breaching the 1.6163 resistance level will lead the price to the next resistance on the 1.6273 price level which is also the last peak. On the other hand, only stoppage of the price at the current area and its descending under the 1.6000 price level will create a descending price structure, while the target of the price will be the 1.5900 price level.
Current review for today
GBP/USD Forecast- The price did not succeed on its attempt to breach the 1.6163 resistance level. stopped on it and it looks like it is making its way towards the 1.5900 price level which is a 50% Fibonacci correction of the last uptrend marked with blue broken line. Breaking the 1.5900 price level will probably lead the price towards the next Fibonacci on the 1.5800 price level. On the other hand, stoppage of the price at the current area and breaching the 1.6300 price level will change this assumption while in this case the target of the price will be around the last peak between the 1.6273 and the 1.6300 price levels area.
You can see the chart below: