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11.10.201911:40 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 11, 2019

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Overview:

The GBP/USD pair will continue rising from the level of 1.2393 today.

The support is found at the level of 1.2393, which represents the 50% Fibonacci retracement level in the H4 time frame. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend.

Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.2393. The current price is set at the level of 1.2490.

The price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.2490 and 1.2581.

Therefore, minor support will be formed at the level of 1.2490 providing a clear signal to buy with the targets seen at 1.2581. If the trend breaks the support at 1.2581 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.2643 in order to test the daily resistance 2.

The RSI is still calling for a strong bullish market and the current price is above the moving average 100.

In the same time frame, support levels are seen at the 1.2390 and 1.2303 levels. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2295 (below the support 2).

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