GBPUSD Technical Analysis For 16th October 2015 | 16 October 2015

GBPUSD is currently trading with a slight bearish bias. The pair tested a key pivot level 1.5499 but could not close above it. The pair got rejected from that level and ended up closing below another significant key level 1.5477. As long as the pair trades below this levels, short positions will be ideal for trading with stops at 1.5412, and the next stop at 1.5370, any clear movements above 1.5507 will signal a break of the key level thus long positions will be ideal, with stops at 1.5566, and the next stop at 1.5654. Ideally, we will go short with EURUSD since both pairs are positively correlated and are thus expected to move in a similar direction.