InstaForex - Analytics


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    Daily analysis of GBP/USD for October 07, 2015

    On the daily chart, GBP/USD has been extending a rebound towards the resistance level of 1.5256. The cable is forming a lower low pattern and the current moves should be a preparation for a further decline.


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    The short-term outlook indicates recovery from after a fall held below the suport zone of 1.5166, and now GBP/USD is forming a higher high pattern above the 200 SMA in the H1 chart, in order to perform a rally towards the resistance level of 1.5285. However, we are still expecting an inminent breakout below the zone of 1.5223.


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    Daily chart's resistance levels: 1.5256 / 1.5325

    Daily chart's support levels: 1.5169 / 1.5030

    H1 chart's resistance levels: 1.5285 / 1.5342

    H1 chart's support levels: 1.5223 / 1.5166

    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5223, take profit is at 1.5166, and stop loss is at 1.5276.

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