GBP/USD is unusually heavy along Asian hours, selling off over 60 pips in the last hour.
From a daily perspective, a 9 wave count off 1.4780 in early July appears to have completed around 1.6240, with the failure to break above it on its second attempt suggesting that a change in trend structure might be in place, potentially exposing 1.60/1.5950 major swing low in the days/weeks ahead.
As Valeria Bednarik, Chief Analyst at earnwithsajid.blogspot.com, notes: "The GBP/USD was pressured by BOE's Miles words, stating that it would be "pretty catastrophic" to raise rates before unemployment in the UK is down by a meaningful amount."
Technically, Bednarik sees "the 4 hours chart readings maintaining a bearish tone, and only a clear recovery above mentioned resistance should give some further release to the pair. A break below mentioned 1.6120 on the other hand, should see the pair extending the slide, with 1.5970 as next big support to watch", she said.
From a daily perspective, a 9 wave count off 1.4780 in early July appears to have completed around 1.6240, with the failure to break above it on its second attempt suggesting that a change in trend structure might be in place, potentially exposing 1.60/1.5950 major swing low in the days/weeks ahead.
As Valeria Bednarik, Chief Analyst at earnwithsajid.blogspot.com, notes: "The GBP/USD was pressured by BOE's Miles words, stating that it would be "pretty catastrophic" to raise rates before unemployment in the UK is down by a meaningful amount."
Technically, Bednarik sees "the 4 hours chart readings maintaining a bearish tone, and only a clear recovery above mentioned resistance should give some further release to the pair. A break below mentioned 1.6120 on the other hand, should see the pair extending the slide, with 1.5970 as next big support to watch", she said.
GBP/USD Oct 29 at 02:02 GMT
1.6092/97 (-0.29%)
H1.6146 L 1.6064
| S3 | S2 | S1 | R1 | R2 | R3 |
|---|---|---|---|---|---|
| 1.6011 | 1.6051 | 1.6091 | 1.6176 | 1.6216 | 1.6257 |
| Trend Index | OB/OS Index |
|---|---|
| Data updated on Oct 29 a 01:45 GMT (15-minute timeframe) | |
| Strongly Bearish | Neutral |
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