Euro Pound – EUR/GBP rallied higher into its 0.7482 resistance level after price pullback and rejected its 0.7356–0.7339 support area as we expected in our 2nd October 2015 Market Outlook. Traders who went long as we recommended may consider taking profits or scale out the position at the 0.7482 resistance level to lock in the profits. If price is able to break through the 0.7482 resistance level, we are then likely going to see price continue to move higher into its next resistance level at 0.7591.
Gold – Gold rallied higher into its 1169.00 resistance level soon enough after price pullback to its 1153.60 support level and rejected it as we expected in our 13th October 2015 Market Outlook. The price has broke the 1169.00 resistance level this morning which could potentially push price even higher in the coming days. Traders who went long as we recommended may consider taking partial profits off the table at the 1169.00 resistance level while leaving the rest to run further. Traders who missed the buying opportunity at the 1153.60 support level may still look for buying opportunity at the 1169.00 support level (Previous resistance level) to ride on the bullish momentum we have in this market.
Pound Yen – GBP/JPY fell off after price rejected the 184.22 resistance level as we expected in our 12th October 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as the overall trend is still bearish but traders may need to trail the stop to avoid giving back all the profits to the market.
Posted on 2015-10-14 06:30:17