Daily analysis of GBP/USD for October 12, 2017

The pair is finding resistance around the 1.3195 level and it's trying to do a pullback, as the 200 SMA coincides with that area, giving dynamic resistance across the board. If that happens, we might expect a decline to test the support level of 1.3037. With a breakout higher, GBP/USD could be looking for the 1.3309 level.


H1 chart's resistance levels: 1.3195 / 1.3309

H1 chart's support levels: 1.3037 / 1.2914

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 1.3037, take profit is at 1.2914 and stop loss is at 1.3161.

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