Market Cap:
$210B
BTC Dominance:
65.96%
btc:
$7,664.06
eth:
$162.27
xrp:
$0.24
Advertise
Forex

4th Nov 2014 GBP/USD Analysis

4th Nov 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, monetary policy committee, forward guidance, asset purchase facility Barely trading towards 1.603 after the more than expected growth in PMI, Cable fell back below 1.6000 levels as the trading day comes to a close

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 Moving averages act as resistance as 1.5962 support is tested once more

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 slips below the moving averages and Traditional MACD below zero signals further bearish movements

The British Pound strengthened after the country’s manufacturing PMI expanded to its highest level since July. The manufacturing PMI rose to 53.2 in October from 51.5 in September, above expectations for a reading of 51.4. GBP/USD rebounded off the low of 1.593 before touching psychological price level 1.6000 briefly, but lost its gains with the moving average acting as a resistance falling towards 1.596 support level.

U.K Construction PMI later today is expected to fall from the previous month’s readings and a break below of 1.5900 favours sellers, with a clear break below October’s low of 1.5874 a definitive sign of lower lows for Pound bears. The U.S trade balance is expected to slightly rebound from last month’s -40.1billion figures and could drive Pound lower.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Slight Bearish 1.5874 1.59001.5962 1.60001.6071.614 1.600

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.