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GBP/USD Technical Analysis For 7th October 2015

GBP/USD Technical Analysis For 7th October 2015 | 07 October 2015

07 October 2015, GBP/USD

GBP/USD Technical Analysis For 7th October 2015
Technical View:
GBP/USD is currently trading with a bullish bias. The pair bounced off from a significant support trend line and is currently headed long. We are waiting for a slight pullbacks probably up to 1.5215 before we continue long. This pair is strongly positively correlated to AUD/USD and GBP/JPY, they are thus expected to move in the same direction even during this intraday. Thus only buy or sell GBP if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't bought the pair already, wait and buy upon pullback to 1.5215, but buy with stops at 1.5290, and the next stop at 1.5336. Movements above 1.5336 will signal further movements to the upper side. However, any movements below the lower support trend line will signal further movements to the lower side, hence sell positions are ideal below this support trend line.

Bob Stan
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