GBPUSD – Daily Forecast 24 Oct 2013


The GBPUSD maintained some bearish momentum yesterday , topped at the 1.6256 levels, and bottomed at the 1.6118 levels, now pressure will be on the 1.6118 levels.

The GBPUSD will have told below the 1.6118 levels on a daily closing basis to push the market for further downside losses,If seen , It will target the 1.5893 levels, a halt is strongly suggested and we might see reversal to the upside ,but If 1.5893 fails, expect the market to weaken further towards the 1.5426 levels.

Alternatively, a failure to hold below the 1.6118 levels could mean a return to the 1.6256 levels, break of 1.6256 will have large bullish implication towards the 1.6380 levels ahead of 1.6440 levels, further out will aim 1.6615 levels.

Overall, as long as 1.6118 holds, the pair will remain biased to the upside with risk towards 1.6256 levels and beyond.