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GBPUSD Technical Analysis For 23rd October 2015

23 October 2015, GBP/USD

GBPUSD Technical Analysis For 23rd October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. Instead of going short, GBP retraced back to a previous resistant level 1.5477, got rejected and is currently trading below it. As long as the pair trades below this level, short positions will be ideal for trading since other positively correlated pairs such as EURUSD and GBP/AUD are giving the same short signals.

Trade Recommendations:

If you haven't sold the pair already, wait and sell when the current corrective upward movement ends at 1.5413, then sell the pair but with stops at 1.5334, and the next stop at 1.5202.

Graham Osano
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