GBP/USD: TECHNICAL ANALYSIS 28.10.2019
The GBP/USD pair begins today’s trading with a slight bearish bias.
At the moment the price has met the support at the level of 1.28174.
the pair’s ability to cross 1.28174 marks, the area of levels and the 1.28021-1.27869 can be targeted if holding short positions.
Decisive breakdown of -1.27869 will accelerate the fall towards 1.27566 support.
The rebound from the 1.28174 support and breakout of 1.28576 level (the middle line of Bollinger Bands)
will let the price to grow to the area of 1.28784-1.28937.
Technical indicators reflect the moderate maintenance of the current downward trend, but the upward correction is possible in the short term.
Bollinger Bands are diverging on the background of bearish momentum.
The volumes of MACD histograms are growing in the negative zone.
Stochastic is pointed upwards, reflecting the high possibility of upward movement formation.
Support and resistance
Support levels: 1.28174, 1.28021, 1.27869.
Resistance levels: 1.28576, 1.28784, 1.28937.
Short positions can be opened below the level of 1.28174 with the target at around 1.28021-1.27869, and stop-loss 1.28274.
Long positions can be opened above the level of 1.28576 with the target at around 1.28784-1.28937 and stop-loss 1.28455.