The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. The unemployment rate was unchanged at 6.0 between July and September. As we recommended in my yesterday's article, if the cable closed below 1.5830, it can extend its fall to 1.5750 and 1.5720 immediately. The pair made a low at 1.5760 near my first target. On the down side, 1.5750 will act as strong support below, this 1.5620 and 1.5500 is an open target on positional basis. Until the price closes above 1.5845 on a daily basis, bears will try to make new low this week. The pair has resistance at 1.6040, 1.6147, and 1.6220. For an intraday view, the prices are closed and trading below 35DEMA. The prices have resistance at the 1.5791 levels. We recommend fresh selling below 1.5750 with the targets at 1.5735, 1.5720, and 1.5700. Risky traders can sell below the 1.5760 levels. The downtrend may be expected to continue towards the 1.5720 and 1.5700 levels initially. Today, traders are focused on US employment rate.
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