GBPUSD 2014-10-24

Oct 24, 6:09 pm

GBP/USD: 1.6040

Pound under drop pressure, while rebound correction on sight

Short-run

as we see over the chart, market seems building falling wedge over the short-run where resistance at 1.6115-25 and support at 1.5855

market managed to jump above 1.6125 which give the market another advance where resistance now at 1.6190-1.6225 zone

market failed to break above 1.6225 where market may had toward trading zone between 1.5960 – 1.6225 , above 1.6225 expect 1.6320-40 zone

as long as market holding trades above 1.5950 another rebound toward 1.6290 will be expected , while below 1.5950 market may sustain drop to break below 1.5850

intraday trading signals showing resistance at 1.6080 , while target still toward 1.5950-60 zone

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1.6000 1.6130
Level 2 1.5950 1.6225
Level 3 1.5850 1.6290
Short term strategy: short-sell on dips , market price 1.6040 < stop loss at 1.6085, target 1.5950-60
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