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GBP USD Technical Analysis 20 October 2020

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GBP USD Technical Analysis 20 October 2020

GBP USD Technical Analysis: The GBP rose 0.34% against the USD on Monday and closed at 1.2942. Today in the Asian session, while GBP USD technical Analysis 20 October 2020 at 4:45 GMT, the GBP/USD is trading at 1.2945, which is 0.03% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2885 and a fall through could take it to the next support level of 1.2865 The pair is expected to find its first resistance at 1.3015 and a rise through could take it to the next resistance level of 1.3060. Today’s expected trading range is between 1.2845, support and 1.3080 resistance.

The expected trend for today is Bullish

Important support levels:

Support 1: 1.2885
Support 2: 1.2865
Support 3: 1.2845

Important resistance levels:

Resistance 1: 1.3015
Resistance 2: 1.3060
Resistance 3: 1.3080

GBP/USD buying opportunity for intraday trading on October 20, 2020

Buy near the support zones 1.2885 and 1.2865 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 20, 2020

Sell near the resistance zones 1.3015 and 1.3060 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.

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