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GBP/USD Forecast October 31, 2014
 
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Fundamental Analysis

The dollar strengthened against the British Pound after Wednesday Federal Reserve statement.
The Fed decision to end the stimulus program has increased speculation for interest rate hike in U.S. sooner than later.
In absence of major events in U.K., traders should keep an eye on economic data releases in U.S. including Chicago PMI (Oct) and Michigan Consumer Sentiment (Oct).

Technical Analysis



The GBP/USD prices are moving within a symmetrical triangle, a breakdown will accelerate the pair decline with a first target at $1.5718 and then toward the triangle potential target at $1.5618.A minor support lines set at $1.5933 and $1.5868.
For intraday traders, these levels provide opportunities to enter a countertrend "long" position.


Support 2 Support 1Current PricesResistance 1Resistance 2
1.58681.59331.59701.60091.6066

   

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