GBPUSD – Daily Analysis – 05th October, 2015

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

Currency Event Impact Actual Forecast Previous
GBP Services PMI High 56.4 55.6
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

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.5127 1.5072 1.5017 1.5237 1.5292 1.5347
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