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GBP/USD Technical Analysis For 6th October 2015

GBP/USD Technical Analysis For 6th October 2015 | 06 October 2015

06 October 2015, GBP/USD

GBP/USD Technical Analysis For 6th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. During the previous week, the pair crossed and closed below a significant pivot level 1.5328, and is currently trading below it, as long as the pair trades below this level, GBP is expected to trade in the lower ranges, any clear movements below the immediate support trend line will indicate a break below a significant trend line. Thus further movements below will be expected. GBP/USD is strongly positively correlated to GBP/HKD, and GBP/JPY, they are thus expected to move in the same direction, therefore only buy or sell GBP, if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades above 1.5112, long positions are ideal but with stops at 1.5240, and the next stop at 1.5334. Any clear movements below 1.5112, and also below the support trend line will signal further movements to the lowers side.

Bob Stan
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