Will British Pound get stronger?

Market Leader informed

The British government takes more serious austerity measures.
The austerity wave has even affected the British “holy of holies” – the navy. Britain’s only aircraft carrier is going to be decommissioned. According to the government’s regulation, it is planned to reduce the military personnel of the British air forces and navy by 5000 people. Nevertheless, politicians say the army’s fighting efficiency won’t be harmed.

In 3 days GBP has lost its ground and is currently being traded at 1.5700 –the level of early September.
According to the new tech analysis by Masterforex-V, yesterday the price came out of the MF Sloping Channel, showing that the wave 1.4228-1.6205 might be competed. The breakout of the MF pivot 1.5298 will confirm the supposition.

At the moment, according to the analysts of the Department of studying Masterforex-V trading system , there is a bearish wave formed on H4/H8 chart. GBPUSD is being traded within an H2 flat, going out of which will determine the direction of the forthcoming trend:

• A breakout of the upper boundary will indicate that the formation of the upward wave will be continued, which in that case will be “the Moment of Truth by MF” for the whole bearish wave 1.6105-1.5648
• A breakout of the lower boundary will testify to a mid-term trend reversal.
Support/Resistance levels:

1.5997 76% + 150% + Oanda’s sell limits
1.5930 62% + 123%
1.5877 Н2 FZR* + Oanda’s sell limits
1.5776 – the current price
1.5726 M30 FZR + Oanda’s buy limits
1.5648 Н4/Н8 FZR + Oanda’s buy limits
1.5594 111%
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H2 FZR = Fractal-Zigzag Reversal of H2 level

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