Daily analysis of GBP/USD on 31 October 2017




GBP/USD has managed to recover from Friday, the bottom, and now it is difficult to 200 SMA at H1 chart, in an effort to resume the bullish bias in the short term. Such a moving average could act as dynamic resistance and if it breaks above this area, we can expect to see gains toward the 1.3309 level. MACD indicator is turning from the overbought zone, calling for a withdrawal.

H1 chart’s resistance levels: 1.3201 / 1.3309

H1 chart support levels: 1.3037 / 1.2870

Trading recommendations for today: Based on the chart H1, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is 1.3037, take profit is at 1.2870 and stop loss is at 1.3201.



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