17.10.2016 - We expect a further decrease of price
The price of the British pound decreased along the upper boundary of the local descending channel and has broken through and the level of 1.2200. If the price falls below this level, we expect a continuation of negative dynamics of price with the objectives at 1.2000, 1.1800 and 1.1600. On the other hand, breaking through the upper boundary of the channel and fixing above the local maximum around 1.2270 will be a signal to buy with targets at 1,2400-1,2500. According to our forecasts, the decline will continue in the near future and medium term.