GBP/USD: The resistance has been already set at the level of 1.6100 as well as the support has been set at 1.5960 for October 31, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6040 and 1.5990, then it should be noted that the range today will be around 85 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.6100. Hence, the area below 1.6090 looks for further downside move with targets at 1.6040, if it can break the support today (1.6040: minor support), so the price will continue towards 1.5960 today. On the other hand, buy above 1.5950 for short term of the same day with the first target at 1.6025; it might resume to 1.6066 tomorrow in order to test the strong resistance of this week.
The material has been provided by InstaForex Company – www.instaforex.com
The material has been provided by InstaForex Company – www.instaforex.com
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