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13 Oct 2014 GBP/USD Analysis

13 Oct 2014 GBP/USD Analysis

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 Retest but not closing below 1.6 on the weekly chart keeps sentiments on this pair prone to bullish movements.

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 Lack of changes in the Monetary Policy Committee saw many disappointed as Cable reversed its gains

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 The lack of direction on the USD saw Cable gain earlier in the week, while the candlesticks trading higher than 1.605 gives reason to continue bullish

U.K Trade Balance turned out better than expected but month to month change for manufacturing output leaves more to be desired. In the UK, the Bank of England Monetary Policy Committee maintained its key policy rate last week, which was expected and therefore the impact on the market was minimal as usual. The minutes of the meeting though should make interesting reading when they are released on 22nd of October, especially after the continued deterioration of the UK economy.

We have the CPI for U.K on Wednesday and an estimated better than forecast unemployment rate, plus an improvement in the form of an increased fall in claimant count numbers.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight bullish1.5771.5941.6051.6141.6281.633

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