GBP/USD Weekly Outlook 24.11.14
Sentiment: Bearish
This pair has been consolidating setting up for a bearish move since last week.
Looking at the 4HR time frame we can see the potential setup very clearly. As long as price fails to break above 1.57339 I would expect this pair to complete the final leg of the downward move which started on 12.11.14.
A break and close below 1.56405 on the 4HR time frame should confirm the move to the downside.
Once this is confirmed I would expect there to be no real support at the 1.56000 level.
Next Support Levels
1.55500
1.55000
1.54400
1.54000