GBPUSD 2014-11-06

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GBP/USD: 1.5960

Pound under drop pressure, while rebound correction on sight


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

our projection was that as long as market holding trades above 1.5900 the rebound correction will sustain toward 1.6160 & 1.6380, while today market managed to hit below 1.5870 which indicating more drop pressure over market

as we see over the chart market still holding trades inside downtrend channel where resistance at 1.6190 and support at 1.5780

market managed yesterday to test resistance of 1.6000 zone , while as long as market holding trades below 1.6030 the downtrend pressure will sustain

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1.5870 1.6000.30
Level 2 1.5820 1.6080
Level 3 1.5780 1.6160
Short term strategy: short-sell on market price 1.5960, stop loss at 1.6045 target 1.5780


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