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Entering support zone

Entering support zone | 31 October 2013

31 October 2013, GBP/USD

Cable has continued falling towards the neckline of the double-top pattern. It is in a short-term down-trend, however it has reached substantial support and it may well bounce. On a longer time-frame it is broadly in a sideways consolidation which currently looks like a double-top pattern on the daily chart. The 100-day and 50-day MAs are providing support at 1.5990. If price breaks below this level, however, then it will probably move down towards the neckline at 1.5900 and perhaps the 200-day MA at 1.5875. This constitutes substantial support and may be difficult to break below, however, if it is successful then the target for the pattern is 1.5620.
Entering support zone
Mark Satcher
Analyst of «FreshForex» company
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