08.10.201815:08 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for October 8, 2018

Long-term review

Exchange Rates 08.10.2018 analysis

On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.

On September 21, the GBP/USD short-term outlook turned to become bearish towards 1.3010 (50% Fibonacci level) and 1.2940 (recent demand level) where the backside of the broken uptrend was retested.

Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) demonstrated significant bullish recovery where the current bullish movement was initiated.

The current bearish decline shouldn't exceed the price level of 1.3010 (50% Fibo level), so that a further bullish advance can occur towards 1.3100, 1.3210 and 1.3290.

Any bearish breakdown below 1.3000 invalidates the bullish breakout scenario allowing a further decline towards 1.2910 (previous weekly low).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2021
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