GBP/USD Daily Outlook

06 Oct 2020, 17:40 · Views 635

Daily Pivots: (S1) 1.2925; (P) 1.2958; (R1) 1.3016;

GBP/USD is staying in range of 1.2675/3007 and intraday bias remains neutral first. On the upside, firm break of 1.3007 resistance will suggest that decline from 1.3482 is merely a corrective move and has completed. Intraday bias will be turned back to the upside for retesting 1.3482. On the downside, sustained break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed, and bring deeper fall to 61.8% retracement at 1.2201.

In the bigger picture, while the rebound from 1.1409 was strong, it’s limited by both 1.3514 resistance, as well as 55 month EMA (now at 1.3310). The development keeps outlook bearish. Sustained break of 55 week EMA (now at 1.2756) will add to medium term bearishness for a new low below 1.1409 at a later stage, resuming the down trend from 2.1161 (2007 high).

Reprinted from ActionForex，the copyright all reserved by the original author.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

FOLLOWME Trading Community Website: https://www.followme.com