The Conclusion for today’s GBP SGD forecast: Current price swing should reach between 1.77324 and 1.76335. Resistance is offered by the upper boundary of the bearish channel at ~1.80192 upon price closing above 1.77324.
Over 8 months of price action is investigated on the 4 hour timeframe of the GBPSGD from a price peak on April 17, 2018 to current date. A bearish price channel is used to capture price action for the duration mentioned, with 1.69961 marking the bottom of the channel.
1.77324 and 1.76335 offers resistance for price and therefore price retesting the 1.69961.
A break above the upper boundary of the resistance also needs to be considered as it presents the potential for price to target ~1.80192 which is the extreme of the bearish channel to the upside.
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