Technical analysis of GBP/USD for Oct 15, 2019

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Overview:

The GBP/USD pair is continuing in a bullish market from the supports of 1.2514 and 1.239. Also, it should be noted that the current price is in a bullish channel.

The RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.

Immediate support is seen at 1.2514 which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support sets at the level of 1.2514.

The RSI is still signaling that the trend is upward as it is still strong above the moving average (100) since yesterday.

So, the market is likely to show signs of a bullish trend around the spot of 1.2514.

In other words, buy orders are recommended above the golden ratio (1.2514) with the first target at the level of 1.2706. Furthermore, if the trend is able to break through the first resistance of 1.2706. As a result, the pair will climb towards the new double top (1.2804) in coming days.

On the other hand, stop loss should always be in account, so, it must set the stop loss below the first support of 1.2514.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of GBP/USD for October 15, 2019

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