British-Pound

Exclusive GBP/USD analysis 25.10.2016

GBP/USD Historical Sellers are Close

The GBP/USD trading has been normalized and as I already explained, it is much safer to sell on rallies. Last week we saw some retracement which was again sold into so POC zones could come in play again. 1.2250-60 is the closest POC zone (inner trend line, 50.0, H3) that makes a confluence with historical sellers (purple rectangle). Rejection from the zone targets 1.2200 and 1.2170. Only if we see a 4h close below or h1 momentum below 1.2170 the scope for 1.2130 will be open. Usually on Mondays we have some false trends shaping up so any up-move should be watched as a retracement in downtrend.

Pay attention to 1.2285 because the price should be ideally below it else it might breakout to 1.2315.

GBP/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.