16.10.201707:21 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 16, 2017

Long-term review

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Overview:

The GBP/USD pair continues to move upwards from the zone of 1.3017. The first support level is currently seen at 1.3017, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3017, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.3017 and 1.3298. So, the support is seen at 1.3017, while daily resistance is found at 1.3298. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3017. In other words, buy orders are recommended above the zone of 1.3017 with the first target at the level of 1.3298; and continue towards 1.3655 in coming days. However, if the GBP/USD pair fails to break through the resistance level of 1.3298 today, the market will decline further to 1.2820 (major support).

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