Market Review: GBP / USD & USD / JPY 4th november – 8th november

As we expected, the GBP/USD broke below the upward trend line and reached our 1st target at 1.59.

GBP-USD Chart - 4h november 2013

GBP-USD Chart – 4h november 2013

As we mentioned before, if the pair breaks below the 1.59 support, it can reach the 1.5720 strong support (formerly resistance), where it will also hit the 200 SMA on the weekly chart.

 

GBP-USD Chart - 4h november 2013

GBP-USD Chart – 4h november 2013

All in all, the main trend for the GPB/USD is still upwards. If the pair breaks above the 1.6250 resistance, we expect it to continue towards the 1.67 area, followed by 1.7030.

The USD/JPY is still trading in the triangular pattern. A break above 99.00 can take the pair to its previous high at the 103-104 area.

USD-JPY Chart - 4th november 2013

USD-JPY Chart – 4th november 2013

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John Walker

John Walker

Editor at Tradingbroker.co.uk
John was born in London ( United Kingdom ) and studied at The London School of Economics. Currently he lives in Sydney ( Australia ) and he works as editor at Tradingbroker.co.uk.
John Walker

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