Gbpusd october 17th 2018 analysis
GBPUSD jumped to over $ 1.32 a barrel yesterday and hit a peak of 1.3236 in response to core news. However, with the start of the US trading market, we saw a 4-day downtrend collateral closing below $ 1.32. From the technical point of view, the area of demand for a four-hour call is seen at 1.3159-1.3138. The quarterly demand area has contributed to the $ 1.32 dollar recent uptrend. The failure of this area on a quarterly basis could allow GBPUSD to rebound in August at 31.117 and a Rand rate of $ 1.31.
On the GBPUSD weekly chart, the market is around the region of supply of 1.3472-1. 3204. This range could be sufficient for the GBPUSD to drop to 1.3047. This support is good with the 1: 3050-1.3031 support zone. On the GBPUSD daily chart, the main focus of the market is on the key resistance of 1.3315 and the uptrend line drawn from the bottom of 1.2661.
Price action strategy
With a four-week downtrend pattern and weekly chart collapse, the GBPUSD could be expected to weaken. Resuming a resistance of $ 1.32 and issuing a downward signal from this range could be enough to enter the GBPUSD sales deal. The profit margin for a four-hour sale would be the demand zone of 1.3159-1.3138. However, the market could go down to the 1’3050-1. 3031 range as well.