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GBPUSD Technical Analysis For 20th October 2015

GBPUSD Technical Analysis For 20th October 2015 | 20 October 2015

20 October 2015, GBP/USD

GBPUSD Technical Analysis For 20th October 2015
Technical View:
GBP/USD is currently trading with a very slight bullish bias. The pair pulled back upwards, but failed to close above a previous major pivot 1.55063. We are waiting for the current corrective upward movement to test 1.5496 before we continue short. As long as the pair trades below this pivot level, short positions will be ideal for trading but with stops at 1.5395, and the next stop at 1.5317. This pair is strongly positively correlated to GBP/JPY, and GBP/CHF, thus, they are expected to move in the same direction, only buy or sell pounds, if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades below this pivot level, short positions will be ideal for trading but with stops at 1.5395, and the next stop at 1.5317.any clear movements above 1.5526 will signal further movements to the upper side.

Bob Stan
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