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28.10.202006:39 Forex Analysis & Reviews: Trading plan for GBPUSD for October 28, 2020

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Technical outlook:

GBP/USD has reversed lower after hitting a 1.3175 high last week. GPB/USD is seen to be trading around the 1.3039 level at this point in writing and could rally through the 1.3200 handle. Please note that GBPUSD had hit Fibonacci 0.618 retracement around the 1.3175 level last week before turning lower. Probability remains that a meaningful top is in place. Until price stays above the 1.2870 level, probability also remains for a push towards 1.3200 before reversing lower. The overall structure remains bearish until prices stay below a 1.3500 high as GBPUSD has broken below its March 2020 trend line support. Immediate resistance is seen at 1.3500, while support comes in around 1.2675 respectively. In any case, GBP/USD is poised to turn lower from here or around the 1.3200 handle.

Trading plan:

Remain short, add more @ 1.3200/50, stop W 1.3500

Good luck!

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