GBP USD Technical Analysis 7 October 2020
GBP USD Technical Analysis: The GBP declined 0.76% against the USD on Tuesday and closed at 1.2873. Today in the Asian session, while GBP USD technical Analysis 7 October 2020 at 4:45 GMT, the GBP/USD is trading at 1.2923, which is 0.38% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2820 and a fall through could take it to the next support level of 1.2800 The pair is expected to find its first resistance at 1.2965 and a rise through could take it to the next resistance level of 1.3000. Today’s expected trading range is between 1.2775, support and 1.3055 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.2820
Support 2: 1.2800
Support 3: 1.2775
Important resistance levels:
Resistance 1: 1.2965
Resistance 2: 1.3000
Resistance 3: 1.3055
GBP/USD buying opportunity for intraday trading on October 7, 2020
Buy near the support zones 1.2820 and 1.2800 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 7, 2020
Sell near the resistance zones 1.2965 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.