Technical analysis of GBP/USD for October 22, 2015 Market Analysis Review

Overview:

• The GBP/USD pair opened above the support which represents the weekly pivot point at the level of 1.5383. Additionally, the market has been in an uptrend since last week. Also, the price has already broken 38.6% of Fibonacci retracement levels and 50%. Therefore, the market will probably indicate a bullish opportunity at the level of 1.5383 and 1.5425. So, according to the previous events, the price has still been trading between the prices of 1.5425 and 1.5566 in the short term. Therefore, the area above 1.5425 (above the the ratio of 50% Fibonacci retracement level on the H1 chart) looks for further upside with the first target at the 1.5515 level and continues towards 1.5566 in order to test the weekly resistance 1. The stop loss should be placed at the price of 1.5350.

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