Looking at the Weekly chart we can see the intersection of channel resistance and the 2014 trendline triggered the sell off in late September. I remained on the sideline with the BOE decision as I was waiting for a close below 1.310 on the Daily chart and this happened on Thursday as a result of the BOE news. As I’ve mentioned in an earlier post of mine on this pair the bigger downward move was expected at a Daily close below 1.3020. I will look to sell this pair on pull-backs from the 1.310 resistance zone and a Daily close below 1.3020 will open up to the next key support zone around 1.27730 with a close below this taking us to 1.26150. The pair ended the week “testing” wedge support so keep your eyes on this pair this coming week.

GBPUSD - WEEKLY

Source: QUEEN OF POUND

GBPUSD DAILY 4 NOV

Source: QUEEN OF POUND

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