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GBP/USD Technical Analysis For 29th September 2015, H4

GBP/USD Technical Analysis For 29th September 2015, H4 | 29 September 2015

29 September 2015, GBP/USD

Technical View:
GBP/USD is currently;y trading with a slight bearish bias. The pair is trading along a very significant key pivot line 1.51611, but within the 6750 pip range (1.5817 and 1.5161) it formed the previous month. We are waiting for a clear movement below 1.5130 before short positions can be recommended, otherwise the range continues to hold the market and therefore long positions will be ideal but with stops at 1.5328, and the next stop at 1.5656. GBP/USD is positively correlated to GBP/HKD and GBP/JPY, thus only buy or sell the pair if all the other positively correlated pairs are giving the same clear signal.

Trade Recommendation:

Sell below 1.5130, with stops at 1.4991, and the next stop at 1.4567. Buy above 1.52086 with stops at 1.5333, and the next stop at 1.55039

Bob Stan
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