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GBP/USD Technical Analysis For 9th October 2015

09 October 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a bullish Bias. Instead of heading short from 1.5346, the pair crossed and closed above it and is currently trading above it. As long as the pair trades above the key pivot level 1.5346, the pair is expected to trade on the higher ranges. The long positions will highly be recommended when the pair crosses and closes above 1.5373. This pair is highly positively correlated to GBP/JPY and and slightly with EUR/USD. Thus, only buy or sell the pair if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades above 1.5346, pound is expected to trade on the higher ranges. If you haven't bought the pair already wait and buy above 1.5373, with stops at 1.5426, and the next stop at 1.5499. Basically, wave (b) has should end at 1.5373.

Graham Osano
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