Daily analysis of GBP/USD for October 19, 2017

GBP/USD has found resistance in the 200 SMA at H1 chart following a pullback made from October 13 lows. Below yesterday's lows, the pair has formed a fractal that should provide support in the short-term. If it manages to break below it, we might expect another leg lower towards the 1.3037 level. MACD indicator stays in the positive territory, favoring to the bulls.

GBPUSDH1.png

H1 chart's resistance levels: 1.3309 / 1.3373

H1 chart's support levels: 1.3216 / 1.3037

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 1.3216, take profit is at 1.3037 and stop loss is at 1.3398.

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