11/11/14 GBP/USD retests 1.5900 support turned resistance as slide continues


 dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility Cable tried and failed to breach above 1.591 yesterday and continued bearish signs below 1.5856 on the 200% of the downtrend Fibonacci expansion level.

 dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility Next supports on the downtrend stands at 1.582 and 1.577 as the support of 15 October looks to become resistance on the H4 timeframe.

 dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility A retest and drop from 1.5853 today is likely to see bearish action continue towards 1.577 support, while any upsides below 1.5900 will show limited gains

Overbought signals on the H4 timeframe coincided with the support of 15 October turning into a resistance yesterday as Cable continues its slide along the trend line, with the long term support at 1.544 along the downtrend Fibonacci Expansion. Moving averages continue to edge lower for the pair as the intraday and weekly movement continues bearish. Only a upside breakthrough of 1.5924 will see 1.6000 and 1.606 reattained.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish1.57001.5761.5821.59001.6061.6141.59001.59461.577

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