Date: 06th October, 2015
Currency Pair: GBPUSD
Yesterday GBPUSD didn’t able to cross the key resistance level and gave up all the gains at the end. Now the pair is trying to show some correction above daily support level i.e. 1.5105. The pair is glued to a narrow range, beyond which the pair is not able to show any significant movements. At present the pair is trading in an oversold area. Key support levels can be found at 1.5105, 1.5067 and 1.4997.
Towards up strong resistance is seen at 1.5213 price level. Above this level 1.5283 offers 2nd resistance and 3rd resistance can be seen at 1.5321.
GBPUSD has been stuck to a limited range. Yesterday the pair had tried to show some good strength but at late hours during New York session we’ve seen some selling pressure. As long as the pair stays above 1.5105 support level we can expect some recovery. A powerful recovery is only possible above 1.5213 price level. But before that some consolidation can be expected.
Economic Events For Today
|GBP||Halifax HPI m/m||Medium||0.1%||2.7%|
|GBP||Housing Equity Withdrawal q/q||Low||-12.5B||-13.0B|
|USD||IBD/TIPP Economic Optimism||Low||44.6||42.0|
4 Hours Chart
Daily Support And Resistance Levels