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28th Oct 2014 GBP/USD Analysis

28th 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 Cable broke above 1.61 resistance as the trading day remains bullish, with the downtrend line as a gauge of the previous bearish lower-highs

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 The inversed head and shoulders formation looks likely to push GBP/USD higher towards 1.6200

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 Traditional MACD shows a continuation of the bullish trend as the descending trendline in red has been broken as the pair moves towards 1.6200 resistance

Cable is forming an inverted Head and Shoulders formation on the 4-hour chart, but confirmation is still needed with a clear and decisive move above the 1.6200 will confirm the break of the pattern’s neckline (around the 200 moving average in black, H4 chart). MACD indicator in the bullish zones. A support at 1.61-1.606 will confirm an extension of the bullish trend as the moving averages 50 and 104 maintain support of the candlesticks from there forth.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight bullish1.59001.60001.6061.6141.62001.6250

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