empty
 
 
06.10.2015 01:07 AM
Daily analysis of GBP/USD for October 06, 2015

GBP/USD performed a pullback around the resistance level of 1.5169 on the daily chart, and we should note this move could unleash the bearish force towards support zone of 1.5030. However, the pair has enough bearish momentum to continue doing towards new lows across the board in the mid-term. The MACD indicator is reaching the oversold territory.

This image is no longer relevant

On the H1 chart, GBP/USD found strong resistance in the zone around the 200 SMA. The next support located at the level of 1.5103 could be tested in order to perform a breakout and to reach new significant lows in an intraday basis. That is why we consider the current structure a trend-continuation one.

This image is no longer relevant

Daily chart's resistance levels: 1.5169 / 1.5256

Daily chart's support levels: 1.5030 / 1.4955

H1 chart's resistance levels: 1.5223 / 1.5284

H1 chart's support levels: 1.5166 / 1.5103

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 1.5166, take profit is at 1.5103, and stop loss is at 1.5229.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback