GBPUSD Daily Forecast Oct 08 2014


Outlook in GBPUSD remains on the downside as long as resistance 1.6098  holds on a daily closing basis , a failure to hold above the 1.6098 levels on a daily closing basis , could mean a return to the 1.5953 levels where a cut will open 1.5900 levels , further downside will will pave the way towards the 1.6853  levels.

On the upside , resistance comes at the 1.6098 levels , a clear break above this level will signal short term bottoming and put the pair in recovery mode , but recovery above the 1.6098 levels should be limited by the 1.6166 levels , If this important resistance is taken out , expect the pair to strengthen further towards the 1.6286 levels and possible higher towards the 1.6415 levels…

In all , as long as resistance 1.6098 holds on a daily closing basis , outlook in GBPUSD  remains on the downside towards the 1.6000/1.5953  levels ahead of the 1.5950 /1.5853 levels , but above the 1.6098  levels , the pair faces a recovery risk .


GBPUSD Daily Forecast Oct 08 2014