empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

10.10.201622:10 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 11, 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pair was weak during a very quiet Monday's session in terms of macro data, as we had holidays in North America. Currently, GBP/USD is approaching the support level of 1.2312, where a breakout lower should expose the pair to the next interest area of 1.2229. Bears are still strong and one could expect further decline during the week, but a rebound should be taken as a corrective and it could go towards the 1.2468 in a first degree.

Exchange Rates 10.10.2016 analysis

H1 chart's resistance levels: 1.2388 / 1.2468

H1 chart's support levels: 1.2312 / 1.2229

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 1.2312, take profit is at 1.2229 and stop loss is at 1.2394.

InstaForex Analyst
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off