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GBP/USD Technical Analysis For 15th October 2015

15 October 2015, GBP/USD

GBP/USD Technical Analysis For 15th October 2015
Technical View:
GBP/USD is currently trading with a slight bullish bias. The pair traded long for the better parts of yesterday's intraday but failed to reach a key resistant level 1.5499, and is currently trading just below it. We are waiting for a clear break above 1.5526, before the long positions can be recommended. ideally, wave (c) should end at 1.5526. We will sell this pair however, if the current long positions in GBP/JPY, and GBP/HKD are over. These pairs are strongly positively correlated and are expected to move in a similar direction.

Trade Recommendation:

Remain flat for now and wait for price to close above 1.5526, then buy the pair with stops at 1.5580, and the next stop at 1.5652. In an alternative scenario, should the pair close below 1.5458 then short positions will be ideal for trading but with stops at 1.5371, and the next stop at 1.5337.

Graham Osano
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