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12.10.201500:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 12, 2015

Long-term review

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GBP/USD is pulling back from the highs reached during last week and the daily chart is showing us a structure, which calls for more downside towards the support level of 1.5256. However, bear in mind that the resistance zone of 1.5381.

On the H1 chart, the pair is looking again for an opportunity to break the resistance level of 1.5342 and now it is expected to do another rally towards the psychological level of 1.5400. A current intraday bias is still bullish and as long as it stays above the 200 SMA (which is slightly bullish), then the GBP/USD pair could reach new monthly highs soon.

Daily chart's resistance levels: 1.5381 / 1.5439

Daily chart's support levels: 1.5325 / 1.5256

H1 chart's resistance levels: 1.5342 / 1.5400

H1 chart's support levels: 1.5282 / 1.5223

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5342, take profit is seen at 1.5400, and stop loss is at 1.5285.

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