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31st Oct 2014 GBP/USD Analysis

31st 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 1.596 support was tested as Cable capped losses after the FOMC minutes announcement

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 GBP/USD supported as 1.603-1.606 resistance beckons.

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 Current Market Price for Cable is at a minor resistance level but still part of a general higher low after support at 1.596 held firm

GfK consumer confidence fell lower than expected as Cable ended its retracement and continued southwards below 1.6000. An intraday bearish movement is likely to continue with the look for the moving averages dipping and moving downwards, and the Traditional MACD trading below the zero level. A series of higher lows towards 1.606 could still occur but take note of the lower high trendline in red as the main resistance to watch out for. Though there are no more news data from the U.K as October comes to a close, U.S Core PCE Price Index and Personal Income and Spending month on month data could swing this pair later today.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
 Slight Bearish 1.5878 1.5900 1.596 1.6031.6061.612

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