GBP USD Technical Analysis 16 October 2020
GBP USD Technical Analysis: The GBP declined 0.84% against the USD on Thursday and closed at 1.2902. Today in the Asian session, while GBP USD technical Analysis 16 October 2020 at 4:45 GMT, the GBP/USD is trading at 1.2921, which is 0.31% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2865 and a fall through could take it to the next support level of 1.2845 The pair is expected to find its first resistance at 1.2950 and a rise through could take it to the next resistance level of 1.2990. Today’s expected trading range is between 1.2800, support and 1.3065 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1.2865
Support 2: 1.2845
Support 3: 1.2800
Important resistance levels:
Resistance 1: 1.2950
Resistance 2: 1.2990
Resistance 3: 1.3065
GBP/USD buying opportunity for intraday trading on October 16, 2020
Buy near the support zones 1.2865 and 1.2845 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
GBP/USD selling opportunity for intraday trading on October 16, 2020
Sell near the resistance zones 1.2950 and 1.2990 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.