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GBP/USD Technical Analysis For 12th October 2015

12 October 2015, GBP/USD

GBP/USD Technical Analysis For 12th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair crossed below a significant pivot level 1.5336 and is currently trdaing below it. As long as the pair trades below this level, short positions will be ideal for trading but with stops at 1.5279, and the next stop at 1.5229. this pair is strongly positively correlated to AUD/CAD and GBP/JPY, thus they are expected to move in the same direction.

Trade recommendations.

As long as the pair trades below 1.5336, short positions are ideal for trading with stops at 1.5279, and the next stop at 1.5229. In an alternative scenario, should the price move upwards and end up closing above 1.5381, then long positions will be ideal for trading but with stops at 1.5453, and the next stop at 1.5499.

Graham Osano
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