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    Daily analysis of GBP/USD for October 20, 2015

    Monday was a bullish day for GBP/USD, on the intraday basis at least, because the pair was consolidating above the support zone of 1.5458. Now, the cable could test the resistance level of 1.5506, where a breakout towards the 1.5543 level could happen. In the H1 chart, we can observe a very strong sell zone around 1.5506, so the pair should face off that level before any rallies to reach new highs. The MACD indicator is at the negative territory.


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    H1 chart's resistance levels: 1.5506 / 1.5543

    H1 chart's support levels: 1.5458 / 1.5411

    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 seen at 1.5506, take profit is at 1.5543, and stop loss is at 1.5471.

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