Technical analysis for GBP/USD for October 31, 2018


Technical outlook:

The daily chart view has been again presented here for GBP/USD to have a medium-term trend outlook. The GBP/USD pair is seen to be trading close to 1.2700 levels at the moment in writing, printing yet another fresh low from yesterday. Please note that the previous swing low was seen at 1.2668 levels and we could see a possible bullish reversal ahead of the same. Looking into the entire wave structure, the drop from 1.4380 through 1.2668 levels can still be considered to be the first swing/wave lower. It should be ideally followed by a corrective rally, unfolding into 3 smaller waves. We therefore remain optimistic about a bullish turn from around current levels. Kindly watch out for any lows today as a potential buying opportunity.

Trading plan:

Aggressively long. Stop below 1.2650, target is open.

Good luck!

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