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30.10.201501:57 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 30, 2015

Long-term review

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GBP/USD is doing some recover moves above the support level of 1.5296 focusing on the 200 SMA in the H1 chart. We should expect a pullback around that level pointing across the level of 1.5296 level again. In another scenario, we still would like to see a lower continuation towards the psychological zone of 1.5200 on a short term basis. The MACD indicator is currently favoring a bullish corrective bias.

H1 chart's resistance levels: 1.5339 / 1.5368

H1 chart's support levels: 1.5296 / 1.5262

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5296, take profit is at 1.5262, and stop loss is at 1.5330.

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