GBPUSD 2014-11-07

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GBP/USD: 1.5835

Pound under drop pressure

Short-run

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

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 sustain drop movement as market failed to break above 1.6035 , while managed today to test 1.5800 zone

we will advise to book profit for 50% of the trades we sold at 1.5960, while will adjust the stop loss for the rest of the trades

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1.5770 1.5870
Level 2 1.5720 1.5925
Level 3 1.5640 1.6000-35
Short term strategy: take profit for 50% of the trades we sold from 1.5960 , keep the rest on hand, stop order (profit gain)at 1.5890 target 1.5780

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss