Market Review: GBP / USD & USD / JPY 7th october- 11th october

As we expected, the GBP/USD bumped into strong resistance at 1.6250 after a double top pattern on the 4H chart started a downward correction, which made a quick 200 pips. Now the pair has found medium support at 1.60. A break below this rate can take the pair to the 1.5860 area. Strong support lies at 1.5720.

 

GBP-USD Chart - 10th october 2013

GBP-USD Chart – 10th october 2013

The USD/JPY broke below the 97.60 support and reached our 1st target at 96.90, where it also hit the 200 SMA on the daily chart from above. A break below can take the pair to 95.60 followed by the 94 area.

 

USD-JPY Chart - 10th october 2013

USD-JPY Chart – 10th october 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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