23.10.201604:54 Forex Analysis & Reviews: Daily analysis of GBP/USD for October 24, 2016

Long-term review

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GBP/USD finished the last week within a negative tone as the pair managed to consolidate below the 200 SMA on H1 chart. On Friday, we saw an attempt to break below the 1.2229 level, but the Cable is struggling to consolidate below that zone. Currently, our targets remain bearish and next key support is located at the 1.2155 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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