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24.10.201621:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 25, 2016

Long-term review

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The pair started the week within a sideways range, but with a bearish bias favoured by the overall price action shown on H1 chart. Currently, GBP/USD is trading below the 200 SMA and it's expected that we could see a decline towards the 1.2155 level in coming hours or even days. However, if the pair manages to recover above the 1.2230 level, then it can test the 1.2312 price level.

H1 chart's resistance levels: 1.2312 / 1.2427

H1 chart's support levels: 1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2301.

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