Daily analysis of GBP/USD for October 10, 2017

GBP/USD has moved in a bullish tone during Monday’s session, consolidating gains slightly above the 1.3100 handle. The pair is now expected to break above the resistance level of 1.3195 in order to post new highs above the 200 SMA on H1 chart. Around the moving average, pullbacks are expected to take place. MACD indicator is entering the overbought conditions, calling for more declines.

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H1 chart’s resistance levels: 1.3195 / 1.3309

H1 chart’s support levels: 1.3037 / 1.2914

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2914 and stop loss is at 1.3161.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Forex Review