Forex trading signals and analysis for GBPUSD – 29 Oct 2014

Forex trading signals and analysis for GBPUSD – 29 Oct 2014

Analysis:

Yesterday, bad US Durable Good Orders data helped GBPUSD move up to test 1.61830 but good US Consumer confident data pushed the Pound back to 1.61300 zone. The Pound closed the day with a little gain.

The Pound is trying to break 1.61830 – 1.62250 zone to move up further but it will not be easy at all.  The FOMC meeting today is in focus, and this is the key risk event to determine whether the Pound can break this resistant zone or not.

We expect GBPUSD will move up to test 1.6180 again today.

GBPUSDH4 - 29 Oct 2014

Forex Trading Signal:

We will watch for signals to short GBPUSD around 1.61800 before FOMC meeting today.

Resistant zone:

+1.6400

+1.62200

+1.61800

Support zone:

+1.600

+1.5880

ForexSignals247

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