GBPUSD Daily Forecast Oct 09 2015

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Outlook in GBPUSD has turned to the upside cautiously, immediate support comes at the 1.5223 levels, stability above this level will keep pushing towards the 1.5315 levels ahead of the 1.5365 levels, a break is needed to resume the upside offensive, If seen, focus will turn on the 1.5488/1.5522 levels, further upside, resistance comes at the 1.5657 levels.

On the downside, a failure to take out the key resistance 1.5365, could mean a return to the 1.5223 levels, a halt is very likely and the rebound may occur, however, a cut through the 1.5223 levels, will suggest a corrective pullback towards the 1.5130 levels before the next rise.

Conclusion: The GBPUSD continues to face upside threats in the short term above the 1.5223 levels even in case of a pullback. (Note that a clear break above the 1.5365 levels is needed to resume the upside offensive, otherwise, market’s failure remains a strong option??!! )

GBPUSD Daily Forecast Oct 09 2015

MARKET DATA

UPCOMING ECONOMIC EVENTS

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