Date: 24.10.2012 Time: 19:24 Rate: 1.6022
4 Hour chart
GBP/USD forecast – The price has broken the 1.6000 price level and its closest target is the 1.5900 price level which is a 50% Fibonacci correction of the uptrend marked by a blue broken line. Breaking this level will probably lead the price downwards to the next Fibonacci on the 1.5800 price level. The price structure at this point is descending and every move upwards from this point will be a correction of the last downtrend which started on the 1.6163 price level.
Current review for today
GBP/USD TECHNICAL ANALYSIS – The price has broken the 1.6000 price level and fell close to the 1.5900 area which is a 50% Fibonacci correction of the uptrend marked with blue broken line. As it can be seen, the price structure is descending, therefore as long as this situation is not changing, the trend is descending. The price has corrected the last downtrend (red broken line) by 50% and it is possible to assume that its stoppage at the current area and its descending under the 1.6000 price level again, will lead the price towards the 1.5900 price level. On the other hand, breaching of the 1.6000 price level and breaching the descending trend line between the lows (red broken line) will probably lead the price towards the last peaks around the 1.6300 price level.
You can see the chart below: