The pair saw another bearish week. On Friday's session the pair managed to recover 40 pips and closed at the highest point. This week the key economic event to be released on Wednesday is the UK employment data. The pair has resistance at 1.6040, 1.6147, and 1.6220 levels. On the downside, 1.5750 will act as strong support, below this 1.5620 and 1.5500 are open targets. The pair favors selling on the rise. The cable has strong resistance between 1.6227 and 1.6183 levels. Use every rise to sell, until the prices close above these resistance levels. The monthly resistance exists at 1.6030 50M sma levels. The pair has weekly resistance at 1.6025, above this we can expect 1.6092 and 1.6200.
For an intraday view, the prices are closing and trading above 35DEMA. The prices have resistance at the 1.5896 levels. Above this, 1.5910 and 1.5940 will act as resistance levels. Until the prices close below 1.5940, bears will try to drag the pair to lower levels. In the h4 chart, the prices are making lower highs and lower lows. We recommend selling below 1.5870 with the targets at 1.5845 and 1.5800 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 10, 2014 . Thanks for your support.
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