Daily analysis of GBP/USD for October 23, 2017

GBP/USD remains below the 200 SMA ahead of testing the support level of 1.3037. Bears have been taking the control of the pair and it looks like we may see further declines below October 6th lows. To the upside, if the Cable manages to break above 1.3216, then it’s likely to see a rally towards the 1.3309 area.

H1 chart’s resistance levels: 1.3309 / 1.3373

H1 chart’s support levels: 1.3216 / 1.3037

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3216, take profit is at 1.3037 and stop loss is at 1.3398.

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