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23.10.201722:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 24, 2017

Long-term review

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The 200 SMA at H1 chart continues providing dynamic resistance in the GBP/USD pair and looks forward to reaching the next key support around 1.3037. However, the risk to the upside prevails and if it manages to break above the moving average, we might expect gains toward the resistance level of 1.3309. MACD indicator remains in the neutral territory, calling for sideways moves.

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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