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GBP/USD Technical Analysis For 8th October 2015

08 October 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a slight Bearish bias. The pair went long during the previous intraday and hit a key pivot level 1.5328 before turning around. It is anticipated that as long as the pair trades below this level, pound will continue to trade in the lower ranges, thus short positions will be ideal for trading. This pair is strongly positively correlated to GBP/JPY, and GBP/CAD, only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't sold the pair already, wait for a pullback probably upto 1.5319, then sell the pair with stops at 1.5229, and the next stop at 1.5164. ANy clear movements above 1.5346, will signal a break of the key pivot level 1.5328

Graham Osano
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