GBPUSD Daily Forecast Dec 02 2014


Outlook in GBPUSD has turned neutral with risk to the downside , resistance comes at the 1.5763 levels, a failure to hold above the 1.5763 levels on a daily closing basis could mean a return to the 1.5720/1.5589 levels where a cut will call for a fall towards the 1.5500 levels , further losses will aim the 1.5370/1.5230 levels .

On the upside , resistance comes at the 1.5763 levels , break of the 1.5763 levels on a daily closing basis , will put the pair in recovery mode , but recovery above the 1.5763 levels should be limited by the 1.5825/1.5945 levels where fall resumption is likely , however ; sustained trading – daily closing – above the 1.5945 levels will bring strong recovery towards the 1.6022/1.6183 levels before the next move !!!

In all , as long as resistance 1.5763 holds on a daily closing basis , outlook in GBPUSD remains on the downside towards the 1.5720/1.5589  levels ahead of the 1.5370/1.5230 levels , above 1.5763 faces a recovery risk towards the 1.5825/1.5941 levels before the next fall.

Today focus will be on UK Construction PMI (Nov) at 09:30 GMT..


GBPUSD Daily Forecast Dec 02 2014