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27th Oct 2014 GBP/USD Analysis

27th 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, GBP/USD projections, GBPUSD projections, MPC Weekly chart for Cable shows rejection above the 1.5900 price support and the previous week trading slightly above the orange 104 moving average.

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 Daily charts show a bullish breakthrough above the downward sloping trendline above the support of 1.606 towards next possible resistance at 1.61-1.614

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 An inversed head and shoulders probability sees the 1.61-1.62 resistance very possible but not a valid entry at time of writing. Sellers will be keen to protect their positions on possible reversals or exhaustions of the downtrend.

GDP quarter on quarter change in the U.K maintained its forecasted 0.7% for the 3rd quarter, raising Cable above 1.6000 albeit the figure still lower than the 0.9% registered in the 2nd quarter. The downtrend lines appeared to have been broken as moving averages moved flat and candles showing more support than resistance at the key price levels above 1.6000. U.S new home sales falls and supports GBP/USD towards 1.6100

The impending confirmation of an inversed head and shoulders on the H4 and H1 charts show a likely exhaustion of the downtrend but should not be taken as an entry just yet. Sellers may look to protect their positions as the market looks to consolidate between the key price zones that range from 1.625- 1.61.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bullish1.59001.60001.60301.61001.61401.6200

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