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29 Sept 2014 GBP/USD Analysis

29 Sept 2014 GBP/USD Analysis

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain Pound slides after 1.64 barrier

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain Bulls fail as Pound falls amidst dollar strength

GBPUSD, GBP/USD, Pound, Cable, U.K, Britain Support at 1.624 to rebound as a mirror image of Jan 2014 / Dec 2013?

The bullish run of 11 weeks for the U.S dollar index places it as the front runner gainer in currencies this year, a position that can only be claimed by the Pound Sterling earlier this month. A flurry of buying activity in the week leading up to the Scottish Referendum saw the Pound attain 1.65 and subsequently falling due to the sell off and the change in confidence towards the greenback.

The Parliament voted in support of taking action against the Islamic State militants in Iraq, calling the  Britain’s Royal Air Force into standby ready to launch airstrikes at the regions affected. Prime Minister David Cameron said in London that they should be prepared for a long fight and that this was not a callous decision. Cameron also urged for commitment to the cause as this is not going to be a flash in the pan.

Markets are likely to respond as meekly as last week’s case with the U.S, with their decision to strike Syria’s extremist groups the greenback fell during the U.S trading session for 2 days before erasing the losses made. The Pound is likely to follow suit.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish1.60001.60581.6161.6331.641.646

 

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