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31.10.201602:18 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 31, 2016

Long-term review

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GBP/USD started the week with a bullish tone, as the US dollar continues weakening across the board. Currently, the pair is approaching to the 200 SMA and one consolidation above that zone could push higher to the Cable towards the 1.2310 level, which is a key interest area for sellers. MACD indicator continues to support the bullish bias.

H1 chart's resistance levels: 1.2229 / 1.2310

H1 chart's support levels: 1.2155 / 1.2105

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 1.2155, take profit is at 1.2105 and stop loss is at 1.2208.

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