Date: 05th October, 2015
Currency Pair: GBPUSD
GBPUSD turned towards up and showing some bull trend. 1.5237 is a strong resistance, any break here could proved as significance. The pair had already lost a lot and for last two days the pair has been trying to consolidate in an oversold area. If the pair crosses 1.5237 price level then the next target would be 1.5292 followed by 1.5347.
On downside 1.5127 is a strong support level. We’ve seen that the pair didn’t able to break the level. So we can say 1.5127 can play a strong barrier. Below this level 1.5072 and 1.5017 are other support levels.
After losing a lot the pair is now trying to stabilize at current levels. The recovery is very much possible from the current level. I’m bullish only above 1.5237 price level.
Scheduled Economic Events
|USD||Final Services PMI||Low||55.7||55.6|
|USD||ISM Non-Manufacturing PMI||High||58.0||59.0|
|USD||Labor Market Conditions Index m/m||Low||2.1|
4 Hours Chart