GBP USD Technical Analysis 5 October 2020
GBP USD Technical Analysis: The GBP rose 0.41% against the USD on Friday and closed at 1.2934. Today in the Asian session, while GBP USD technical Analysis 5 October 2020 at 4:45 GMT, the GBP/USD is trading at 1.2957, which is 0.17% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2860 and a fall through could take it to the next support level of 1.2835 The pair is expected to find its first resistance at 1.2975 and a rise through could take it to the next resistance level of 1.3000. Today’s expected trading range is between 1.2800, support and 1.3055 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1.2860
Support 2: 1.2835
Support 3: 1.2800
Important resistance levels:
Resistance 1: 1.2975
Resistance 2: 1.3000
Resistance 3: 1.3055
GBP/USD buying opportunity for intraday trading on October 5, 2020
Buy near the support zones 1.2860 and 1.2835 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
GBP/USD selling opportunity for intraday trading on October 5, 2020
Sell near the resistance zones 1.2975 and 1.3000 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.