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GBP/USD Forecast October 22, 2014
 
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Fundamental Analysis

The British pound remains under selling pressure ahead of today Bank of England MPC meeting Minutes and Core Retail Sales (MoM) and GDP (QoQ) in U.K.

Technical Analysis



The GBP/USD prices dropped 50 pips but still remains above its SMA (20) and the upper line of the wedge pattern.
To the upside, prices are expected to find a resistance from our potential divergence target at $1.6226 Learn how to trade Divergences and identifying take profit potential zones.
A break above this potential target, prices could retest its Daily SMA (50) at $1.6280. Intraday traders may enter "Short" position at $1.6226 and then $1.6280 if prices moved to the upside, using a reasonable risk/ratio protective stop loss.
Traders may stay cautious because high volatility is expected due to important data releases in U.K.


Support 2 Support 1Current PricesResistance 1Resistance 2
1.60141.60871.61181.61671.6226

   

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