Weekly Pivot Point: 1.6069.
Weekly Pivot Points:
R3: 1.6299
R2: 1.6237
R1: 1.6131
PP: 1.6069
S1: 1.5963
S2: 1.5901
S3: 1.5795
GBP/USD "Pound-Dollar":
Resistance: 1.6130 (sell below this level).
Support: 1.5900 (buy above this level).
Trading Recommendations:
According to the previous events, the price is still between the levels of 1.5950 and 1.6070.
The descending movement will probably be lower than 1.6130 level with the first targets at 1.5960 and 1.5903 levels.
Buy deals are recommended above the 1.5900 level with targets at 1.6012 and 1.6125 levels.
Overview:
It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5950 and 1.6070, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.5900 level with their first target at the level of 1.6012. From this point, the pair is likely to begin an ascending movement to the point of 1.6080 and further to the level of 1.6125. However, if the pair fails to pass through the level of 1.6130, the market will indicate a bearish opportunity below the strong resistance level of 1.6130. In this regard, sell deals are recommended lower than the 1.6130 level with the first target at 1.6045. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6063 then 1.5901 (the weekly support 1).
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD: Intraday Technical Analysis for November 6, 2012 . Thanks for your support on GBP/USD: Intraday Technical Analysis for November 6, 2012
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