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GBPUSD Technical Analysis For 19th October 2015

GBPUSD Technical Analysis For 19th October 2015 | 19 October 2015

19 October 2015, GBP/USD

GBPUSD Technical Analysis For 19th October 2015
Technical Analysis:
GBP/USD is currently trading with a bearish bias. During the previous week, the pair hit a significant key level 1.5498, but could above it. the pair is however very reluctant to continue short, thus we expect a massive pull back probably up to 1.5498, before we continue short. Selling this pair will be accompanied with stops at 1.5368, and the next stop at 1.5221. This is pair is positively correlated to GBP/HKD and AUD/CAD, thus only buy or sell or sell the pair if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a pull back then sell with stops at 1.5368, and the next stop at 1.5221. Buy above 1.5506 and along 1.5221

Bob Stan
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