Daily analysis of GBP/USD for October 26, 2017

The pair has made a strong rally above the 200 SMA and it’s an indication that it can remain trapped in a narrow range across the board. The resistance zone of 1.3309 should be the top of the mentioned range and if it manages to break above that area, next target should be at 1.3373. To the downside, the moving average at H1 chart should act as dynamic support.

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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