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GBPUSD Technical Analysis For 26th October 2015

GBPUSD Technical Analysis For 26th October 2015 | 26 October 2015

26 October 2015, GBP/USD

GBPUSD Technical Analysis For 26th October 2015
Technical View:
GBP/USD is currently trading with a bearish Bias. The pair crossed below a very significant key support 1.5336 and is currently trading just below it. We are looking for minor pullback attempts to this level before we continue short. This downward movement is highly anticipated since other positively correlated pairs such as CAD/HKD and CHF/JPY are showing good short signals. We will however only sell this pair should it move below 1.5396, with stops at 1.5187, and the next stop at support formed by the lower trend line. Ideally, wave (c) should end at the support trend line, just the same way in the Pound pair, this two pairs had a moderate positively correlation of around +0.95, and are likely to move in the same direction.
Trade Recommendations:
Sell below 1.5396, with stops at 1.5187, and the next stop at support formed by the lower trend line.
Bob Stan
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