GBPUSD 2014-11-04

0 5

GBP/USD: 1.5995

Pound under drop pressure, while rebound correction on sight

Short-run

market managed to sustain drop where FOMC meeting last week and BoJ actions where managed to push the pair toward low 1.5925

our projection was that as long as market holding trades above 1.5900 the rebound correction will sustain toward 1.6160 & 1.6380

market managed to execute 50% of our trades with stop loss at 1.5940 , while the rest of the trades still on hand with second stop loss at 1.5870 and target of 1.6160 & 1.6380

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1.5950 1.6025
Level 2 1.5875 1.6105
Level 3 1.5820 1.6170
Short term strategy: keep rest of trades we bought at 1.5990, stop loss at 1.5870 , target 1.6160 & 1.6380

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss