14.11.201403:17 Forex Analysis & Reviews: Technical Analysis of GBP/USD for November 14, 2014

The pound extends its fall, hitting a 14-month low against the US dollar. The cable lost its ground at 1.5850 and fell almost 180 pips. We recommended selling below 1.5870 on Monday and again recommended below the 1.5760 levels. The cable made a low at 1.5678 as of now, in today's session. We have minted good money of 170 pips as of now this week. We still recommend the same selling theme with the targets at 1.5617 and 1.5506. In case if the cable breaks below 1.5500, then we will reanalyze the charts and will update them for the new lower targets. The cable breaks below the 61.80 fib level in the monthly chart. The monthly resistance exists at 1.6022. The intra week resistance exists at 1.5855. Today, traders are focused on the construction output data, US core retail sales, and consumer sentiment data. The US dollars looks firm after the soft unemployment data. In case if the US dollar looks strong, then the cable will easily slip towards 1.5620 levels. The theme on cable is sell on every rise with the target at 1.5500.