31.10.201912:16 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 31, 2019

Overview:

The USD/CHF pair faced strong resistances at the levels of 1.3012. So, the strong resistance has been already formed at the level of 1.3012 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 1.3012, the market will indicate a bearish opportunity below the new strong resistance level of 1.3012 (the level of 1.3012 coincides with double top). Moreover, the RSI starts signaling a downward trend (saturation around 70), as the trend is still showing strength above the moving average (100) and (50). On the other hand, the price spot of 1.3012 remains a significant resistance zone. Thus, the market is probably indicating a bearish opportunity below 1.3012 for that it will be good to sell at 1.3012 with the first target of 1.2901 in order to test thepivot point again. It will also call for a downtrend in order to continue towards 1.2788. The daily strong support is seen at 1.2788. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.3084.