# GBPUSD Consolidation Pattern (October 6, 2014) Source: https://www.tradersway.com/resources/market-info/gbpusd-consolidation-pattern-october-6-2014/ Language: en Updated: 2014-10-06 Description: Explore GBPUSD Consolidation Pattern (October 6, 2014). GBPUSD has. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. GBPUSD has been in a steady downtrend in the past weeks, more so last Friday when the US released a strong NFP reading. Price has dropped from the 1.6150 area to 1.5950 where it is currently consolidating. The US showed a 248,000 increase in hiring for September, outpacing the estimate of a 212,000 increase. Apart from that, previous data was also upgraded and the jobless rate fell from 6.1% to 5.9% in the period. Stochastic is reflecting oversold conditions, which means that a pullback might take place. If so, price could retreat to the falling trend line near the 1.6100 major psychological level and the simple moving averages. MACD is also hinting at a possible short-term bounce, which might offer a better price to short. ![GBPUSD Consolidation Pattern (October 6, 2014)] A downside break from the current consolidation pattern is also likely, as a candle close below 1.5950 would suggest that bears are back in control. Setting short orders on a pullback to 1.6100 or a break below 1.5950 could catch the overall downtrend. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbpusd-consolidation-pattern-october-6-2014/#primary", "url": "https://www.tradersway.com/resources/market-info/gbpusd-consolidation-pattern-october-6-2014/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbpusd-consolidation-pattern-october-6-2014/", "headline": "GBPUSD Consolidation Pattern (October 6, 2014)", "inLanguage": "en", "datePublished": "2014-10-06T09:11:13+00:00", "dateModified": "2014-10-06T09:11:13+00:00", "articleSection": "Market Info", "description": "Explore GBPUSD Consolidation Pattern (October 6, 2014). GBPUSD has. 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