Daily analysis of GBP/USD for October 02, 2017

GBP/USD currently trades below the 200 SMA at H1 chart and remains supported by the 1.3350 level, which should help to give a boost to the Cable, but the risk to the downside still prevails. With a breakout below the 1.3309 level, we should expect another leg lower towards 1.3209. MACD indicator remains slightly in the positive territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.3460 / 1.33592

H1 chart's support levels: 1.3309 / 1.3209

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3309, take profit is at 1.3209 and stop loss is at 1.3408.

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