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GBP/USD Technical Analysis For 14th October 2015

14 October 2015, GBP/USD

GBP/USD Technical Analysis For 14th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. the pair traded short for the better parts of yesterday's intraday, the pair even went below a significant key support 1.52221, but eneded up just testing it. We expect the level 1.5282 to be the end of the minor pullback currently being witnessed on the chart before we continue short. Ideally, wave (c) should close below 1.5103. This pair is strongly positively correlated to GBP/JPY and AUD/CAD, thus they are expected to move in the same direction.

Trade Recommendations:

If you haven't sold the pair already, wait for the current minor pullback to end at 1.5284, then sell the pair with the first stop at 1.5219, and the next stop at 1.5103 or even the support trendline.

Graham Osano
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