GBPUSD 2014-10-31

Oct 31, 1:37 pm

GBP/USD: 1.6000

Pound under drop pressure, while rebound correction on sight

Short-run

market managed to sustain drop where FOMC meeting this week where managed to push the pair toward low today around 1.5960

our projection was that as long as market holding trades above 1.5950 the rebound correction will sustain toward 1.6280 & 1.6380

an opportunity to long-buy the market with stop loss below 1.5875 , while the first sign of weak market will be if Pound fell below 1.5950

in this situation we will advise to long-buy the market with divide stop loss in 2 places

Daily Trend: Down
Weekly Trend: Down

 SupportResistence
Level 11.59501.6025
Level 21.58751.6105
Level 31.58201.6170
Short term strategy: keep trades we bought at 1.5990, divide stop loss 50% stop at 1.5940, & 50% stop at 1.5870 , target 1.6160 & 1.6380
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