Technical analysis of GBP/USD for October 23, 2017

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Overview:

  • The GBP/USD pair is still moving upwards from the zone of 1.3017. The first support level is currently seen at 1.3017, the price is moving in a bullish channel now.
  • Furthermore, the price has been set above the strong support at the level of 1.3017, which coincides with the 61.8% Fibonacci retracement level.
  • This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.3017 and 1.3298.
  • So, the support is seen at 1.3017, while daily resistance is found at 1.3298.
  • Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3017. In other words, buy orders are recommended above the zone of 1.3017 with the first target at the level of 1.3298; and continue towards 1.3655 in coming days.
  • On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.3298 today, the market will decline further to 1.2820 (major support).
The material has been provided by InstaForex Company - www.instaforex.com