Intraday technical levels and trading recommendations for GBP/USD for October 4, 2018 888011000 110888 On September 13, the depicted daily sag line which cameto fulfill the set around 1.3025-1.3090 stopped working to provide adequate bearish pressure on the set. Since then, the GBP/USD set has been demonstrating a successful bullish breakout so far.However, on H4 chart, the marketplace failed to keep its uptrend within the illustrated bullish channelon H4 chart. The lower limitation of the portrayed channel(which came to satisfy the GBP/USD pair around 1.3190) failed to provide adequate bullish demand.Therefore, the GBP/USD short-term outlook turned to end up being bearish towards 1.3010(50 %Fibonacci level) and 1.2940(current need level ). As prepared for, the rate level of 1.3190(the behind of the damaged bullish channel )provided substantial bearish rejection where the portrayed recent bearish motion was initiated.On the other hand, concerning the price levels(1.3010-1.3090)corresponding to 50%and 61.8%Fibonacci levels. Presently, these price levels relied on become supply levels to be watched for bearish cost action on retesting. The current bearish persistence listed below 1.3010( 50%Fibo level) ought to be safeguarded to pursue towards lower bearish targets. Otherwise, more bullish improvement towards 1.3090 would be expected.On the other hand, the GBP/USD pair would have short-term bearish target around 1.2900-1.2940 (the backside of the broken day-to-day sag and a popular H4 need zone)and perhaps around 1.2845 if adequate bearish pressure is demonstrated.The material has been supplied by InstaForex Company – www.instaforex.com

By | October 4, 2018

Leave a Reply

Your email address will not be published. Required fields are marked *