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GBP/USD Technical Analysis For 13th October 2015

13 October 2015, GBP/USD

GBP/USD Technical Analysis For 13th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair crossed above a major pivot line 1.5346 but ended up closing below it. This is a green light that bears in this market have decided to rule the market. It is also worth noting that the pair bounced off from the previous day's major resistant level 1.5370, before it crossed below 1.5346. As long as the pair trades below 1.5346, pound is expected to trade on the lower ranges. We however wait for a slight pull back to around the just crossed pivot before we go short. Basically, we anticipate a big downward movement for wave (c) to close right below wave (a) to for a complete three wave cycle. This pair is strongly positively correlated to NZD/JPY and and GBP/JPY, thus they are expected to move in the same direction.
Trade Recommendations.

Wait for a minor retracement back to the major resistive pivot, then sell the pair with stops at 1.5276, and the next stop at 1.5222.

Graham Osano
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