The soft US data gave enough strength to close above 20Dsma.The cable is trading on the verge of 4-month descending trend line. In the daily chart, we can observe minor h&s pattern. Today's closing will provide a clear direction in the near and short term. Ahead of the US Federal Reserve monetary policy meeting, the expectations are very high the central bank will end its quantitative easing program. A daily close above the neck line in the daily chart, we can see a sharp upswing of 310 pips in the near and short term. The cable has strong support at 1.6000 levels. The trading pattern is framed between 1.6000 and 1.6200. For an Intraday view, the prices are closed and trading above hourly key moving averages. The cable has support at 1.6100 and 1.6090 levels. Below 1.6090 hourly key trend decider level exists at 1.6070. We recommend selling below 1.6070 for targets at 1.6000, below this, panic will be triggered. Safe traders can buying above 1.6200.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis on GBP/USD for October 28, 2014 . Thanks for your support.
No comments:
Post a Comment