Technical analysis of GBP/USD for October 10, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the GBP/USD pair is still trapped between the levels of 1.6030 and 1.6150.


• Strong resistance will be formed at the level of 1.6188 providing a clear signal for sell deals with the targets seen at the weekly pivot point (1.6069) and 1.5991.


• Stop loss is to be placed above 1.6220.


• Strong level (support) will be formed at the level of 1.5975 providing a clear signal for buy deals with the target seen at the 1.6080 level.


• Stop loss is to be placed below the level of 1.5951. This level is representing the double bottom in the H1 chart.

Notes :

• The double top will be set at the level of 1.6188.


• We expect a range of 90 pips today.


• But it should be noted that the risk of 60 pips must make a profit of 81 pips.


• Volatility: 218.48. Therefore, the market indicates the lower volatility.


• The value of 50% Fibonacci retracement levels is 1.6119 (for confirming for the bullish market).

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



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