Pound Yen – GBP/JPY rallied higher into its 187.64 resistance level after price rejected its 184.45–183.90 support area as we expected in our 6th November 2015 Market Outlook and 9th November 2015 Market Outlook. Price once again pullback to its 184.45–183.90 support area after price hit the 187.64 resistance level. Traders may consider looking for buying opportunity at this 184.45–183.90 support area as price might once again bounce at this support area but since this is the third retest, price might breaks this support level and decline lower thus traders who intend to buy into this market need to be more cautious when placing stops and profit target.
Pound Dollar – GBP/USD continue to decline lower after price rejected its 1.5246 resistance level as we expected in our 23rd November 2015 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to resume its bearish trend. Traders may have their first target set at the previous swing low at around 1.5020 price level to lock in profits before this swing ends.
Silver – Silver bounced at the 13.98 key support level which may cause price to retrace back to its 14.40 resistance level before continue to move lower. Given that the overall trend is still bearish, traders may consider looking for shorting opportunity when price pullback to the 14.40 resistance level. Ideally, we would prefer to see price rejects the 14.40 resistance level before shorting for a safer entry.
Posted on 2015-11-25 06:30:23