04.10.201911:15 Forex Analysis & Reviews: Technical analysis of GBP/USD for October 04, 2019

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Overview:

Pivot point: 1.2297.

The GBP/USD pair broke resistance at 1.2297 which turned into strong support yesterday. This level coincides with 38.2% of Fibonacci retracement which is expected to act as major support today.

The RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (1.2297) in the coming hours.

So, we expect that The GBP/USD pair will continue to move upwards from the level of 1.2300.

Amid the previous events, the price is still moving between the levels of 1.2300 and 1.2412.

It will be good to buy at 1.2300 with the first target of 1.2371. It will also call for an uptrend in order to continue towards 1.2412. The strong weekly resistance is seen at the 1.2412 level.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2270, a further decline to 1.2226 can occur, which would indicate a bearish market.

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