9 Nov 2015

GBP/USD PREFERS DOWNSIDE TARGETS AFTER NFPs

GBP/USD H4

The rate broke the major support at 1.5100 on very good US NFP figures. It has started the week with a mild retracement higher and is now testing the former support as the new resistance. A strong rejection from this level would indicate the legitimacy of the break and we should be looking for a possible move towards the yearly lows around 1.4550.

A break back above 1.5100 would indicate further trading within the range and a possible move higher towards 1.5250 level, however only a daily close above 1.5500 would turn me bullish on the pair.



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