GBPUSD failed its attempts to breakout of 1.3228 resistance and pulled back to 1.3110 area, suggesting that the pair remains in the short term downtrend from 1.3337 and deeper decline towards the major support trend line on the daily chart would likely be seen in the coming days. Near term support is at 1.3087, below this level could signal resumption of the downtrend. On the upside, a breakout of 1.3228 level could bring price back to test 1.3337 resistance, above this level could trigger further upside movement towards 1.3455.

gbpusd 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/115662-gbpusd-daily-analysis-october-25-2017.html

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.