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GBP/USD: technical analysis 15.10.2019

Current trend

The GBPUSD pair begins today’s trading with slight bullish bias. At the moment the price has met the resistance at the level of 1.26343. Assuming the pair’s ability to cross this level, the mark of 1.26600-1.26953 can be targeted if holding long positions. The level of 1.26953 seem a key level for the buyers. There is a chance of an downward rebound, while its breakout would give the prospect of growth to the levels of 1.27200-1.27300.

Alternative scenario.
Pullbacks below 1.25732 could lead the price back to the 1.25500 and 1.25329 level. Should prices continue slipping under 1.25329 mark, the level of 1.25122 might try activating an upward rebound.

Technical indicators reflect the maintenance of the upward potential.
Bollinger Bands and Stochastic are pointed upwards.
MACD is actively growing in the positive zone.

Support and resistance

Support levels: 1.25732, 1.25500, 1.25329, 1.25122.
Resistance levels: 1.26343, 1.26600, 1.26953, 1.27200.

Trading recommendations

Short positions can be opened below the level of 1.25732 with the target at around 1.25500, and stop-loss 1.25809.
Long positions can be opened above the level of 1.26343 with the target at around 1.26600 and stop-loss 1.26257.

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