InstaForex - Analytics

    InstaForex

    701.25 6.25/10
    62% of positive reviews
    Real

    Daily analysis of GBP/USD for October 08, 2015

    GBP/USD had a strong bullish momentum above support zone of 1.5169 and we could say that level is currently acting as a major bottom on the cable. Currently, we expect a breakout above the resistance level of 1.5325 in order to reach the level of 1.5381. However, a pullback around current levels will send this pair to test the zone of 1.5256.

    1444257719_GBPUSDDaily.png

    Show full picture

    On the H1 chart, GBP/USD has been performing a consolidation above the support level of 1.5285 with a higher high pattern formation. Also, a breakout above 1.5342 will open the door to the psychological zone of 1.5400. The 200 SMA is slightly pointing to the upside, but the MACD indicator is entering the negative territory.

    1444257725_GBPUSDH1.png

    Show full picture

    Daily chart's resistance levels: 1.5325 / 1.5381

    Daily chart's support levels: 1.5256 / 1.5169

    H1 chart's resistance levels: 1.5342 / 1.5400

    H1 chart's support levels: 1.5282 / 1.5223

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5342, take profit is at 1.5400, and stop loss is at 1.5285.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree