09.06.2015 - The British pound has returned to the downward channel

The price of the British pound broke through the upper limit of the downward channel, but could not continue to grow and after some price consolidation near the level of 1.5350 has resumed falling and returned inside the descending channel. In this regard, we expect reaching the level of 1.5200 in the near future, after which the price may continue to decline to 1.5100 and 1.4600. On the other hand, in case of fixing the price above the level of 1.5400, we recommend to open long positions with the upside potential to 1.5500 and 1.5700. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 1.5400.

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