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GBP/USD Technical Analysis For 28th September 2015, H1

28 September 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a sight bearish bias. The pair is currently trading along a key pivot line 1.5162, as long as the pair trades above this level, long positions are ideal for trading, but with stops at 1.5249, and the next stop at 1.5335. Any clear movements below 1.5162 will signal further movements to the lower side. Traders trading this pair should observe other pairs such as GBP/CHF, AUD/NZD and AUD/USD for strong positive correlation of up to +0.95. Thus, only buy or sell the pair if more than half of these pairs are giving the same signals. Basically, we expect a beginning of a 5 wave cycle with wave (1) ending at 1.5131, marking the beginning of wave (2).

Trade Recommendations:

Sell below 1.5131, but with stops at 1.5033, and the next stop at 1.4880. Buy above 1.5282, with stops at 1.5420, and the next stop at 1.5585.

Graham Osano
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