Technical analysis for GBP/USD for October 30, 2018


Technical outlook:

The daily chart view has been presented here for GBP/USD to have a medium-term review and outlook. As seen here, GBP/USD dropped all the way from 1.4380 through 1.2700 levels earlier forming a major down swing. The recent swing suggests that a corrective rally could be unfolding towards at least 1.3540 levels or possibly 1.3700/20 levels. Immediate resistance is seen at 1.3300 levels and a push above that would accelerate the proposed corrective rally. The GBP/USD pair is expected to remain above 1.2700 levels for now and possibly form a down Gartley towards 1.3540 levels. On the flip side, only a consistent break below 1.2700 levels would delay matters further.

Trading plan:

Long GBPUSD now, stop below 1.2700, target 1.3540

Good luck!

The material has been provided by InstaForex Company -