GBPUSD Daily Analysis – October 24, 2014

GBPUSD moved sideways in a range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.6524, and another fall to 1.5600 area could be expected after consolidation.

 

Pound Mixed amounts

Support is at 1.5874, a breakdown below this level will signal resumption of the downtrend.

On the upside, a break of 1.6226 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6400 zone.

20141024_GBPUSD_1

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle