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GBP/USD Technical Analysis For 5th October 2015, H4

GBP/USD Technical Analysis For 5th October 2015, H4 | 05 October 2015

05 October 2015, GBP/USD

GBP/USD Technical Analysis For 5th October 2015, H4
Technical View:
GBP/USD is currently trading with a bullish bias. The pair bounced off from the lower support trend line at 1.5119 and is currently trading above it. It is expected that, as long as the pair trades above this level, long positions are ideal for trading. Any clear movements below the support trendline will signal further movements to the lower side, but wth stops at 1.4978, and the next stop at 1.4745. This pair is positively correlated to GBP/HKD and GBP/JPY and are expected to move in the same direction. Thus, only buy or sell the pair if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't bought the pair already, wait and buy above 1.5240, with stops at 1.5334, and the next stop at 1.5426. Any clear movements below the support trendline will signal further movements to the lower side, but wth stops at 1.4978, and the next stop at 1.4745

Bob Stan
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