There is a handful of events for this pair in today's session. Traders eye monthly manufacturing production data and BoE interest rate decision. For the US dollar, unemployment data is the most expected event. We expect high volatility ahead of key events. As of now, the pair fails to form a bottom. In yesterday's session the pair made a new low at 1.5869 in an intraday session, but managed to erase 3/4 of its losses. On a daily closing basis the level 1.5900 is the minor base and 1.5875 and 1.5850 are strong support levels. The panic will be triggered below 1.5850 for targets at 1.5750 and 1.5720 levels. The pair has weekly resistance at 1.6025, above this, we can expect 1.6092 and 1.6200 levels. Until the prices close below 1.6200 use every rise as an opportunity to sell.
Today, the cable opened on a bearish note, opened higher at 1.5977. The prices are facing strong resistance at 34hrsma levels. The cable has been facing strong resistance between 1.6020 and 1.6027 levels on an hourly closing basis. In case, if the hourly candle closes above 1.6030, then only it can challenge the upswing. For an hourly basis, the cable has support at 1.5950 levels, below this, a free fall will be triggered on this pair for targets at 1.5957 and 1.5900. The prices are expanding their lows, representing limited upside, and again a new low will take place.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for November 06, 2014 . Thanks for your support.
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