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14/11/14 GBP/USD continues its tumble, breaks 1.577 support after Inflation report

14/11/14 GBP/USD continues its tumble, breaks 1.577 support after Inflation report

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 tumbles below 1.577 support and attains the lowest in 14 months

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 1.567 support is up next as the downtrend resistance line turns into potential support for a rebound for Cable?

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 Traditional MACD remains bearish as the moving averages dip alongside the falling GBP/USD, breaking below 1.5700 we can see 1.5646 up next for technical support

A lower low was formed as Sterling fell against all its major counterparts for a second consecutive day after the average earnings data was countered by a dramatic cut in growth and inflation forecasts.

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The Bank of England warned that the inflation rate is likely to fall below 1% within 6 months and that it expects inflation to stay below the 2% target for the next three years. Growth forecasts were cut due to the slowdown in the European economy.Markets responded by assuming that the BoE is likely to hold off raising rates ahead of the general election next May. The UK’s unemployment rate remained unchanged at 6.0% in October, its lowest level since September 2008.

Rebounds are to be anticipated at 1.5647 after the 1.577 and 1.57 supports are breached, and a return to 1.579 would be a likely continuation for bearish entries should resistance occur.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Bearish 1.55 1.556 1.5647 1.5700 1.577 1.584

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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