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GBP/USD Forecast October 24, 2014
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Fundamental Analysis

The British pound declined against the U.S. dollar after Retail Sales (MoM) released yesterday showed a negative reading. The data was in line with the Bank of England intentions not to hike interest rates anytime soon.
Cable remains under selling pressure ahead of GDP (QoQ) report in U.K.
A positive reading will lift the pound against the greenback.

Technical Analysis

The GBP/USD prices decline continues to find support just above the upper line of falling wedge pattern.
A pullback from this region will help prices to turn back up again toward potential target at $1.6226.
Conversely, if the wedge fails and prices penetrates back inside the pattern so the downtrend will accelerate and strong support lies at $1.5923. Traders may stay cautious because high volatility is expected today due to important GDP (QoQ) report in U.K.

Support 2 Support 1Current PricesResistance 1Resistance 2


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