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Daily analysis of GBP/USD for October 28, 2015

IThe current structure still seems to call for more downside moves as the pair is consolidating below the 200 SMA in the H1 chart. We can see a lower low pattern formation above the support level of 1.5296. A breakout below that zone will expose the GBP/USD pair to test the level of 1.5262. However, we cannot discard a corrective move until the level of 1.5339.

GBPUSDH1.png

H1 chart's resistance levels: 1.5339 / 1.5365

H1 chart's support levels: 1.5296 / 1.5262

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.5296, take profit is at 1.5265, and stop loss is at 1.5331.

The material has been provided by InstaForex Company - www.instaforex.com