GBPUSD 2014-10-23

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GBP/USD: 1.6020

Pound under drop pressure, while rebound correction on sight


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

if market failed to break above 1.6225 a trading zone between 1.5960 – 1.6225 may control the market

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

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: Flat


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

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