empty
 
 
18.10.2015 11:40 PM
Daily analysis of GBP/USD for October 19, 2015

GBP/USD has been performing well above the 200 SMA, doing some rallies which added strength to the short-term bullish outlook for this pair. The current pullback could make the cable to test the support zone of 1.5411, where a rebound could happen. We are expecting a breakout above the resistance level of 1.5458, which could open the door to a test at the level of 1.5506, as the current structure is still calling for more upside moves. The 200 SMA is slightly bullish, so long orders are still preferable for GBP/USD.

This image is no longer relevant

H1 chart's resistance levels: 1.5458 / 1.5506

H1 chart's support levels: 1.5411 / 1.5374

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 1.5458, take profit is at 1.5506, and stop loss is at 1.5411.

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