The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. In Switzerland later this month November 30, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.
This week, the cable has support at 1.5950 and resistance exists at 1.6050, 1.6100 and 1.6200 levels. In the h4 chart, the price has been facing strong resistance at 324hrsma. Until the h4 candlestick closes above the descending trendline, selling on a rise will is likely to bring profits. We recommend fresh selling below 1.5850 for targets at 1.5760 levels. For an hourly view, the cable made a minor support at 1.5935 5hr low and resistance exists at 1.6011. From the speculative point of view, traders should buy above 1.6015 for target at 1.6039, 1.6050 and 1.6075. Selling below 1.5900 for targets 1.5855 and panic are likely to trigger below 1.5850 levels.
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 on GBP/USD for November 03, 2014 . Thanks for your support.
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