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GBP has been trading sideways at the price of 1.2233. I found another strong rejection of the 20SMA on the 4H time-frame, which is sign that sellers are still present. Bearish flag is still in creation and I expect –potential more downside. Today we got spike up and rejection after the CPI m/m in US today.

Exchange Rates 10.10.2019 analysis

Green rectangle – Broken support became resistance

Orange rectangle – Support level

Purple falling line – Expected path

Bearish flag is in creation based on the 4H time-frame. Watch for potential breakout to the downside to confirm further downward continuation. I found broken Head and Shoulders pattern in the background, which is another good sign that sellers are present. Resistance level is found at the price of 1.2230 and support level at 1.2110. Selling opportunities are preferable.

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

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2019
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