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GBPUSD Technical Analysis For 21st October 2015

21 October 2015, GBP/USD

GBPUSD Technical Analysis For 21st October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair bounced off from a major pivot line 1.5497, and is headed short as previously forecasted. Traders are advised to hold on to short positions as long as the pair trades below 1.5507. Sell positions should be accompanied with TP levels at 1.5938, and 1.5333. Pairs such as NZD/CAD and NZD/JPY are expected to move in a similar direction to pound, thus, only buy or sell pounds if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

If you haven't sold the pair already, wait and sell below 1.5413 with stops at 1.5938, and the next stop at 1.5333.

Graham Osano
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