Technical Analysis of GBP/USD for November 19, 2014 The pound has been continuously losing its winning streak for the 6th day in a row. Ahead of the FOMC meeting minutes, the cable is still going on its decline next to the previous low at 1.5593. The delay in the UK interest rate hike is putting pressure on the pound. From an intraday view, the cable has resistance at 1.5620 or 35DEMA, above this 1.5645 or 12ema will act as major resistance for an intraday session. Until the prices close above 1.5720, bears have an upper hand for hourly based trading. In yesterdays session, we recommended fresh selling below 1.5630 with the targets at 1.5620, 1.5600, 1.5540, and 1.5505. We are still sticking at the same theme. In case, an hourly candle closes below 1.5590, the cable can extend its fall to 1.5450. Safe traders can start selling below the 1.5590 levels. We are extending the lower targets to 1.5500, 1.5450 and 1.5430. The pair favors selling on a rise. The monthly resistance exists at 1.6030 or 50M sma levels. The pair has weekly resistance exists at 1.5800. The material has been provided by InstaForex Company - instaforex
Posted on: Wed, 19 Nov 2014 07:54:18 +0000
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