The cable extends its fall after the BoE held interest rates and the stronger US data was printed. The cable plunged to 1.5825 and closed at the lowest level. As we recommended in our earlier articles, fresh selling below 1.5850 for targets at 1.5750, 1.5620 and even 1.5500 within strong support at 1.5720 levels would be preferable. The monthly resistance exists at 1.6030 (50M). 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. A positive non-farm payroll reading will hit the pair again towards new lows. The pair has been facing strong resistance at 1.5856 (10hr high). The prices are trading in a tight range between 1.5856 and 1.5825. In case, if the prices fall below 1.5825 it can extend its fall towards 1.5800, 1.5760, 1.5750 and 1.5725 levels. The sellers will mint the money, until the prices closed below 1.5970 levels.
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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for November 07, 2014 . Thanks for your support.
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