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22.10.201911:38 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 22, 2019

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Overview:

On the H1 chart, the GBP/USD pair is trading in a bear trend above the 50 and 100-day simple moving averages since last week.

Moreover, the GBP/USD is trading above the main SMAs, suggesting bullish momentum in the near term. Support is seen at the 1.2902 zone and the 1.2821 price level.

Alos, it should be noted that the news limited further gains in the New York session.

According to the previous events, the pair is still in an uptrend. From this point, the GBP/USD pair is continuing in a bullish trend from the new support level of 1.2902.

Thereupon, the price spot of 1.2902/1.2821 remains a significant support area.

Therefore, the possibility that the Cable will have an upnside momentum is rather convincing and the structure of the uprise does not look corrective.

In order to indicate a bullish opportunity above 1.2902, it will be a good signal to buy above 1.2902 with the first target of 1.3011.

It is equally important that it will call for uptrend so as to continue bullish trend towards 1.3122.

However, the stop loss should be located below the level of 1.2821.

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