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GBPUSD Technical Analysis For 29th October 2015

GBPUSD Technical Analysis For 29th October 2015 | 29 October 2015

29 October 2015, GBP/USD

GBPUSD Technical Analysis For 29th October 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair bounced off from our key resistant level 1.53493 and went short as previously forecasted. We still expect further downward movements as long as the pair trades below 1.5263, thus we recommended short positions but with stops at 1.5164, and the next stop at the support trend line. This downward movements is highly anticipated since EUR/USD and EUR/JPY, positively correlated pairs are all headed short. Ideally, wave (c) in this case should end along the support trend line or below it.

Trade Recommendations:

If you haven't sold the pair already, wait and Sell the pair below 1.5263 but with stops at 1.5164, and the next stop at the support trendline

Bob Stan
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