GBPUSD – Daily Analysis – 07th October, 2015

Date: 07th October, 2015

Currency Pair: GBPUSD

GBPUSD continues to go up from an extremely oversold area. The pair has shown some good strength and now trying to establish a good bullish trend. The immediate resistance can be found at 1.5266. A break here could proved as significance from technical perspective. The price would reach upto 1.5305 i.e. 2nd resistance once the price crosses 1.5266. And, then 1.5369 will be the next target.

We can find strong support at 1.5163 for today. Other support levels are at 1.5099 and 1.5060.

GBPUSD is trying to follow a good upward trend. It seems that the pair would able to continue its bullish movement. A clear picture will be only visible once it crosses 1.5266 which is the next resistance for today. Beas is bullish from my side.

Scheduled Fundamental Releases

Currency Event Impact Actual Forecast Previous
USD FOMC Member Williams Speaks Medium
GBP BRC Shop Price Index y/y Low -1.9% -1.4%
GBP Manufacturing Production m/m High 0.4% -0.8%
GBP Industrial Production m/m Low 0.3% -0.4%
GBP NIESR GDP Estimate Medium 0.5%
USD Crude Oil Inventories Medium 2.2M 4.0M
USD 10-y Bond Auction Low 2.24|2.7

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.5163 1.5099 1.5060 1.5266 1.5305 1.5369
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