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Weekly Technical Outlook: GPB/USD;Market Forecasts for October 24th – October 28th

By:
Sylvester Stephen
Updated: Oct 24, 2016, 12:05 UTC

Resistance level 1.2611, 1.2937, 1.2975 Pivot Level 1.2187 Support Level 1.2115 Technical Analysis The GBPUSD pair has closed weekend trading above 1.2115

Weekly Technical Outlook: GPB/USD
  • Resistance level 1.2611, 1.2937, 1.2975
  • Pivot Level 1.2187
  • Support Level 1.2115

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Technical Analysis

The GBPUSD pair has closed weekend trading above 1.2115 levels to get a good support base that reinforces the expectations of continuing the bullish bias and providing signals for the price recovery in the upcoming days.

This is supported by stochastic positivism that appears clearly on the daily time frame and rises above 50.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers and that makes the trading settle now at the support area and appears in the chart.

Some consolidations would be seen with bullish momentum and further rise is expected from current levels with price action signaling an engulfing bar reversal on the new found support area with the beginning of a new trend where the first main target is located at 1.2611 levels.

This points that breaking 1.2937 levels besides holding above it will push the price to being bullish and that its next target is located at 1.2795 levels.

Economic

  • BOE’s Governor Carney speech, Gfk Consumer Confidence, Gross Domestic Product
  • Chicago Fed National Activity Index, Markit Manufacturing PMI, FOMC Member Powell Speech
  • Consumer Confidence, Goods Trade Balance, New Home Sales
  • Initial Jobless Claims, Durable Goods Orders ex Transportation, Gross Domestic Product Annualized

Area of Interest

  • Strong support at 1.2115 areas and closed above rebound of trend line.
  • Bullish two bar reversal strongly closing above the support area.
  • Price action closed above rebound of trend line and oscillator rising above 50.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

For more detailed analysis from the author, please visit NoaFX.

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