GBP/USD continues to decline after the recent Breakout through the horizontal support level 1.5762 identified previously by Autochartist on the 30-minute charts (as is shown on the Key Levels chart below). The Significance of this support level is rated at the 3 bar level. The Breakout of this support level continues the previous strong downward price impulse from the major level of resistance 1.6600. The pair is expected to fall further in the direction of the Forecast Price 1.5633, which is also indicated by the PowerStats analysis shown below.
As can be seen from the following PowerStats chart, the upper boundary of the daily Expected Price Range (EPR, the measure of price volatility calculated by Autochartist for each time frame chart) for GBP/USD for tomorrow (1.5762) coincides with the above Key Levels support level, while the lower boundary of EPR (1.5563) stands well below the above Forecast Price (1.5633) - which adds to the likelihood that this currency pair will decline further tomorrow.
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