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GBPUSD Technical Analysis For 28th October 2015

GBPUSD Technical Analysis For 28th October 2015 | 28 October 2015

28 October 2015, GBP/USD

GBPUSD Technical Analysis For 28th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair bounced off from a very significant resistive trend line and is currently trading below it. Following this bounce, we expect further movements to the lower side, ideally wave(c) should close along the lower support trend line. Thus we advocate for short positions but with stops at 1.5256, and the next ultimate stop at the supportive trend line. Traders trading this pair should observe closely other pairs such as GBP/HKD and EUR/USD, these pairs are strongly positively correlated and are thus expected to move in the same direction. Only buy or sell the pair if all the other positively correlated pairs are giving the same signal.

Trade Recommedations:

We remain short in this pair but with TPs at 1.5256, and the next ultimate stop at the supportive trend line

Bob Stan
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