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02.10.201913:08 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 02, 2019

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Overtime;

The GBP/USD pair continues moving in a bullish trend from the support level of 1.2204. Currently, the price is in a bullish channel.

In the short term, further close above the high end may cause a rally towards 1.2291. Nonetheless, the weekly resistance level and zone should be considered.

The resistance is seen at the levels of 1.2291 and 1.1345. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.2204 and 1.1345 in coming hours.

We expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2204 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.1345, while immediate resistance is found at 1.2291.

According to the previous events, the pair is likely to move from 1.2204 towards 1.2291 and 1.1345 as targets.

The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

On the contrary, if a breakout takes place at the resistance level of 1.2204, then this scenario may become invalidated.

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