Daily analysis of GBP/USD for October 13, 2017

GBP/USD has found a strong resistance in the 200 SMA vicinity and is looking forward to testing the October 6th lows in coming days. Following that pullback, the pair is forming a fractal around the 1.3150 level and possibly this is the move before resuming the bearish bias. To the upside, the moving average remains as a critical 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.

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