GBP/USD intraday technical levels and trading recommendations for October 30, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

This sell position was triggered last week. Remaining T/P level is still seen at 1.5150. However, a daily closure above 1.5350 threatens this bearish scenario and can be considered as an exit signal.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050.

Otherwise, further bullish correction towards 1.5400 and 1.5450 should not be excluded. This scenario will be highly expected if the current bullish breakout persists above 1.5350 by the end of the day.

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USD/CAD intraday technical levels and trading recommendations for October 30, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On Friday, daily closure above 1.3100 was achieved. This enhanced the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the price level of 1.3100.

On Tuesday, a valid sell entry was suggested around the level of 1.3270 (FE100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of the recent support level at 1.3075 is mandatory to allow further bearish decline at least towards 1.2930.

Trading recommendations:

Conservative traders should wait for bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for October 30, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline enhancing the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for a reversal pattern.

In the short term, the nearest demand level is seen around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) providing the pair with significant bullish rejection two weeks ago.

It is expected to be visited again if persistence below the level of 1.5350 (previous weekly bottom) is maintained on a weekly basis.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for a bullish correction, which extended up to the levels of 1.5500 during last week's consolidation.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, the evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

The zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries.

On Thursday, it offered one more valid sell entry, which is still running in profits.

Note that the recent supply zone at 1.5350-1.5380 should remain defended by GBP/USD bears, so that the current bearish movement can pursue towards the levels of 1.5150 (previous prominent weekly bottoms) and 1.5000 (weekly demand level).

On the other hand, a daily candlestick closure above the price level of 1.5380 enhances the bullish side of the market exposing price levels around 1.5500 where evident bearish rejection was previously expressed on October 22.

Trading Recommendation:

A low-risk buy entry would be offered around the weekly demand level at 1.5000 if a bearish breakdown of both demand level of 1.5150 occurs quickly. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for October 30, 2015 Market Analysis Review

The pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

Hence, in the long term, a projected target will be still seen at 0.9450 if a bearish breakdown occurs at the monthly demand level of 1.0550.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the current monthly candlestick closes above 1.1465 (weekly high) by the end of this month (very low probability).

Multiple ascending bottoms were previously established around the levels of 1.0830 and 1.1020. These levels corresponded to a current daily uptrend depicted on the chart.

On August 24, the market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejections for several times in a row.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested.T/P levels located at 1.1150 and 1.1050 were already reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the level of 1.1050 where the daily uptrend comes to meet the EUR/USD pair. Daily breakdown of the uptrend line has been executed on last Friday.

As anticipated, the level of 1.1000 was broken to the downside by the strong bearish momentum was gained on Wednesday. This enhances the long-term bearish scenario with projected targets at 1.0800 then 1.0600.

However, a recent bullish pullback was expressed towards 1.1070-1.1090 today.

The zone of 1.1050-1.1090 (backside of the broken uptrend line) constitutes a significant supply level to be watched for valid sell entries. S/L should be placed above 1.1140.

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Daily analysis of Silver for October 30, 2015 Market Analysis Review

Overview

Silver prices declined yesterday to approach the key support at 15.40. The price moves inside a minor bearish channel, which appeared on the chart. We believe that it forms a bullish continuation flag pattern that we are waiting to assist in enabling the price to resume the bullish correctional trend. Stochastic produces a positive signal now, which supports the chances of targeting the mentioned flag resistance located at 16.00. Reaching this level represents the key to rally towards the areas around 16.85. Overall, we will continue to expect a bullish trend in the upcoming period unless breaking 15.40. We remind you that holding above the level of 15.40 represents an important condition for the continuation of the suggested bullish trend, where breaking it will put the price under negative pressure, Targets are at 14.85 and 13.69.

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Daily analysis of GBP/JPY for October 30, 2015 Market Analysis Review

Overview

GBP/JPY recovered from 180.64. It is still performing a sideways consolidation at 180.36. Initial bias is neutral this week. A further rise could be seen, but strong resistance at at the level of 188.28 is expected to limit the consolidation. A breakout of 180.36 will extend the fall from 195.86 and should target a test at the key support level of 174.86. In the longer term, an uptrend from a long-term bottom at 116.83 could be topping. There is no confirmation yet, but even is case of another rise, strong resistance is seen near 61.8% retracement of 251.09 to 116.83 at 199.80.

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Daily analysis of major pairs for October 30, 2015 Market Analysis Review

EUR/USD: After testing the support line at 1.0900, the EUR/USD pair has bounced upwards by 100 pips. Nevertheless, the overall bias remains bearish and unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. The support line at 1.0900 could be tested again.

USD/CHF: After testing the resistance level at 0.9950, the USD/CHF has corrected downwards by 80 pips. Nevertheless, the overall bias remains bullish and unless the price goes below the support level at 0.9700 (which would require a serious selling pressure), the bias would remain bullish. The resistance at 1.9950 could be tested again.

GBP/USD: Bears have almost lost this week's gains on the Cable. The price first went downwards, reaching the accumulation territory at 1.5250, but then the price could not go beyond it. From that territory, the price rallied in the near term, reaching the distribution territory at 1.5350. Further upward movement could render the current bearish outlook invalid.

USD/JPY: Although the current outlook on this pair is bullish, the price has not made any serious directional movement this week. What can be seen in the chart is alternating movements between bulls and bears. The price needs to continue moving upwards, otherwise, the market could enter another equilibrium phase.

EUR/JPY: Irrespective of the recent bullish effort here, it can still be said that the outlook for this cross is bearish. The EMA 11 is below the EMA 56 while the RSI period 14 is below the level 50. More bearish movements are possible.

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EUR/NZD analysis for October 30, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downward. The price tested the level of 1.6234. In the daily time frame, we can observe a weak bullish bar. The trend is downward (the price is below Ichimoku cloud on the H1 and M30 charts. We can observe major support-cluster around the price of 1.6150. So, be careful when selling EUR/NZD before the breakout of our key support level. The price is also in a strong downward channel.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6435

R2: 1.6475

R3: 1.6540

Support levels:

S1: 1.6310

S2: 1.6270

S3: 1.6205

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support.

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Gold analysis for October 30 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downward. As we expected, the price tested the level of $1,144.60. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe a strong supply bar in a high volume. In the H1 time frame, we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H1 time frame, we can observe weak demand bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,157.90

R2: 1,162.00

R3: 1,168.50

Support levels:

S1: 1,144.90

S2: 1,140.80

S3: 1,134.30

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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USDX technical analysis for October 30, 2015 Market Analysis Review

The US dollar index as expected to pull back after a breakout above the important resistance trend line. The price is back testing the breakout area with potential of a deeper pullback as I believe that the entire move from 93.80 is completed and we have entered a corrective phase before the next upward move.

Red line - resistance

The US dollar index is trading above the Ichimoku cloud back testing previous highs and the breakout area. Support is found at the 38% Fibonacci retracement and I believe we should expect the pullback to at least reach that level.

As I said yesterday it is important to see where this weekly candle closes. We have seen the weekly candle break above the weekly resistance but it is also important to see if we have a rejection. A rejection at current prices could push the index even towards 95 again. The level of 93.80 is stop for bulls.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for October 30, 2015 Market Analysis Review

Gold price continues moving lower as expected by our latest analysis towards support of $1,140-20. A trend is bearish in the short-term and I would remain neutral as stochastics have not reached oversold levels yet in the daily chart.

Green rectangle - impulsive move area

Blue rectangle - corrective move area

Blue line - price projection

The 4-hour chart above shows that price remains inside the corrective area and we could see a move lower towards the 61.8% Fibonacci retracement before the resumption of the uptrend. The stochastic has just entered oversold levels and until we see some divergence I would remain neutral. Gold price has reached an area where we should avoid selling and opening short positions.

The weekly chart shows how the weekly candle is testing the tenkan-sen support and the stochastic is about to cross. It is important to see where prices close today. I prefer to stay neutral.The material has been provided by InstaForex Company - www.instaforex.com

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Technical analysis of USD/JPY for October 30, 2015 Market Analysis Review

USD/JPY is expected to trade with a bullish bias US dollar indexes closed lower on Thursday pressured by shares in the semiconductor & semiconductor equipment, automobile & components and banks sectors. The DJIA fell 23 points to 17755, the S&P 500 slipped 0.94 point to 2089 and the Nasdaq composite lost 21 to 5074. The 10-year Treasury yield rose 0.080 percentage points to 2.174%. Nymex crude ended 0.3% up at $46.06, while gold was 2.4% down at $1,147.20/ounce. On the economic data front, US initial jobless claims changed a little reporting 260,000 last week from 259,000 the week before. The GDP rose by 1.5% after a 3.9% increase in the previous three months, mainly due to an inventory correction. Finally, pending home sales fell 2.3% in September following a $1.4% decrease in August. Economists had been expecting a 1% increase. USD/JPY remained in a trading range around 121.00 ahead of the BOJ's policy decision. The pair stays above its key support at 120.45 and is well supported by its 50-period intraday MA. And the intraday RSI is around 50 lacking downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 121.50. A breakout above this level would call for a further advance towards 121.90.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 121.50 and the second target at 121.90. In the alternative scenario, short positions are recommended with the first target at 120.15 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.90. The pivot point is at 120.45.

Resistance levels:121.50 121.90 122.30

Support levels: 120.15 119.90 119.45

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Technical analysis of USD/CHF for October 30, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the pair seems to be losing its upward momentum, and is likely to test its horizontal level at 0.9850, which plays an important support role. The RSI lacks downward momentum, while the 20-period and 50-period MAs are turning flat from a positive slope. As long as 0.9850 is not broken, a new rebound may occur to 0.9960 and even to 1.0000 as possible.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9960 and the second target at 1.000. In the alternative scenario, short positions are recommended with the first target at 0.9815 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9755. The pivot point is at 0.9850.

Resistance levels: 0.9960 1.000 1.0060

Support levels: 0.9815 0.9755 0.9710

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Technical analysis of NZD/USD for October 30, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias. Currently trading at 0.6759, the pair is facing the challenge of its key support at 0.6675 representing an upper boundary of an intraday declining channel. The intraday view is mixed to bearish. In terms of technical indicators, the 50-period MA remains negative, which indicates that the prices may still have upside potential to go. To sum up, as long as 0.6675 is not surpassed, expect upward movement to 0.6810 and 0.6850.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6810 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6640 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0..6610. The pivot point is at 0.6675.

Resistance levels: 0.6810 0.6850 0.69 Support levels: 0.6640 0.6610 0.6585

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Technical analysis of GBP/JPY for October 30, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias. The pair broke above its 20-period MA, which plays a role of support now, and accelerated on the upside. The 50-period MA is also turning up. The intraday RSI is above its neutrality level of 50 and lacks downward momentum. As long as 184.50 holds on the downside, look for a further advance towards 185.65 and even 186.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 185.65 and the second target at 186. In the alternative scenario, short positions are recommended with the first target at 183.90 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.60. The pivot point is at 184.50.

Resistance levels: 185.65 186 186.75

Support levels: 183.90 183.60 183

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Global macro overview for 30/10/2015 Market Analysis Review

Global macro overview for 30/10/2015:

The Consumer Price Index Flash Estimate for the eurozone is scheduled for release at 10:00 am GMT today. This might be important news as the market expects a slight improvement from -0.1% y/y figure year ago to 0.0% y/y, but on monthly basis there is not much improvement. Despite the ECB efforts to boost the inflation growth rate, it seems to stays stubbornly around zero levels, mostly because of low energy prices. This might be another reason to increase the ECB bond-buying program in December 2015.

The EUR/USD pair has re-bounded higher after the Wednesday FOMC meeting news and now it is trading closer to the technical resistance at the level of 1.0996. The next resistance is seen at the level of 1.1096 and the next support is seen at the level of 1.0896.

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Global macro overview for 30/10/2015 Market Analysis Review

Global macro overview for 30/10/2015:

The Bank of Japan has postponded reaching the inflation target level of 2% and declined to step up its monetary stimulus. In the latest report, the BoJ blamed the decreasing oil prices for reduced customer price forecast for the next two years. Moreover, the BoJ doesn't see a possibility to reach the inflation target of 2% by March 2016 as the deadline was postponed to March 2017. On Friday's press conference, BoJ Governor Haruhiko Kuroda announced that BoJ will continue to ease its policy until the 2% target is achieved and it might even expand easing if necessary.

The USD/JPY pair is still trading inside of the congestion zone between the levels of 118.03 and 121.74. The next support is seen at the level of 120.02 and next resistance is seen at the level of 121.48.

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Technical analysis of EUR/JPY for October 30, 2015 Market Analysis Review

General overview for 30/10/2015 07:30 CET

The first two sub-waves of the corrective cycle had been completed and at least one more wave up is needed to complete the cycle. The next hurdle for the price is the demand breakthrough zone between the levels of 133.70 and 133.91 and the golden channel lower. Nevertheless, any breakout higher will result in an immediate test of the weekly pivot at the level of 134.31.

Support/Resistance:

131.28 - WS2

131.54 - 223%Fibo

131.58 - Intraday Support

132.28 - WS1

133.37 - Intraday Resistance

133.70 - 133.91 - Demand Breakthrough Zone

134.31 - Weekly Pivot

Trading recommendations:

Day traders should refrain from trading until the next trading setup will occur.

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Technical analysis of USD/CAD for October 30, 2015 Market Analysis Review

General overview for 30/10/2015 07:20 CET

The intraday resistance at the level of 1.3223 has hold further market rally and it looks like the lower levels of a range will be tested soon. There is still a possibility of another higher high in the wave 5 purple, but the recent developments in lower time frames do not support this view. The current labeling will be invalidated if the level of 1.3276 is violated.

Support/Resistance:

1.3316 - WR1

1.3276 - Local High

1.3223 - Intraday Resistance

1.3109 - Weekly Pivot

1.3089 - Intraday Support

Trading recommendations:

All buy orders should now be closed and day traders should refrain from trading until the next trading setup occurs.

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Elliott wave analysis of EUR/NZD for October 30, 2015 Market Analysis Review

Wave summary:

We have been locked in a range between support at 1.6186 and resistance at 1.6515. As long as support at 1.6186 protects the downside, we do expect that resistance at 1.6515 sooner or later will be broken for a rally towards 1.6950 and above will confirm the bottom for wave 2 is in place at 1.6124 and a new strong rally higher to at least 1.8019 should be expected.

If however, support at 1.6186 gives away, the bottom is not yet set in place and a new low slightly below 1.6124 should be expected, but the downside potential seems to be limited from here.

Trading recommendation:

We are long EUR from 1.6390 with stop placed at 1.6180. If you are not long EUR yet, the buy near 1.6186 and use a close stop at 1.6180.

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Elliott wave analysis of EUR/JPY for October 30, 2015 Market Analysis Review

Wave summary:

Wave (v) and red wave 1 seemed to end early already at 131.58 (the target we where looking for was found at 130.90). That means red wave 2 is unfolding and should see a rally to just above 133.55 and if wave c extends move even higher to 134.56 before turning lower again.

At this point, only a breakout below 132.15 will add renewed downside pressure.

Trading recommendation:

We will place a EUR selling order at 134.50.

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Technical analysis of EUR/JPY for October 30 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair had bounced off the 131.50/60 levels yesterday, and has now formed an engulfing bullish candlestick pattern in the daily chart. This indicates that the next big move is expected on the higher side, potentially above the levels of 139.00. Please note that 131.50/60 is also the Fibonacci 0.618 support of the entire rally from 126.00 to 141.00. It is strongly recommended to remain long from here with risk below 131.50. Immediate support is seen at 131.50/60 (interim) followed by 130.00, 129.00 and lower, while resistance is seen at 137.00 followed by 138.00/139.00 and higher.

Trading recommendations:

Remain long with stop at 131.20, a target is open.

Good luck!

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Technical analysis of EUR/USD for October 30, 2015 Market Analysis Review

When the European market opens, some economic news on the Italian Prelim CPI m/m, Unemployment Rate, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, French Consumer Spending m/m, and German Retail Sales m/m is due to be released. The US will publish economic news on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, and Employment Cost Index q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1040.

Strong Resistance:1.1034.

Original Resistance: 1.1023.

Inner Sell Area: 1.1012.

Target Inner Area: 1.0987.

Inner Buy Area: 1.10962.

Original Support: 1.0951.

Strong Support: 1.0940.

Breakout sell level: 1.0934.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of Gold for October 30, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold dropped lower towards $1,145.00 as expected and discussed earlier. The yellow metal has reached its Fibonacci 50% support at the above levels as seen here. Please note that the metal still has room to correct lower towards Fibonacci 0.618 support around the levels of $1,138.00. It is hence recommended to remain flat for now and look for an opportunity to buy lower. Immediate support is seen at $1,130.00 followed by $1,100.00 and lower, while resistance is seen at $1,180.00 (interim) followed by $1,190.00 and higher.

Trading recommendations:

Remain flat, initiate long positions around the levels of $1,138.00.

Good luck!

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Daily analysis of USDX for October 30, 2015 Market Analysis Review

The short-term outlook is calling for another deeper correction towards the support level of 96.71 where it is also expected to perform a rebound, because of the current 200 SMA location. By the way, if bulls are still getting favored in coming days (next week), a rally should be expected to test the zone of 98.00. The MACD indicator is still on the negative side, but bear in mind the moving average on the H1 chart is slightly bullish.

H1 chart's resistance levels: 97.51 / 97.77

H1 chart's support levels: 97.16 / 96.71

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 97.51, take profit is at 97.77, and stop loss is at 97.25.

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Daily analysis of GBP/USD for October 30, 2015 Market Analysis Review

GBP/USD is doing some recover moves above the support level of 1.5296 focusing on the 200 SMA in the H1 chart. We should expect a pullback around that level pointing across the level of 1.5296 level again. In another scenario, we still would like to see a lower continuation towards the psychological zone of 1.5200 on a short term basis. The MACD indicator is currently favoring a bullish corrective bias.

H1 chart's resistance levels: 1.5339 / 1.5368

H1 chart's support levels: 1.5296 / 1.5262

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5296, take profit is at 1.5262, and stop loss is at 1.5330.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for October 30, 2015 . Thanks for your support.