GBP USD Technical Analysis October 2, 2018

The GBP rose 0.01% against the USD on Monday and closed at 1.3041. Today in the Europen session while preparing GBP USD technical analysis October 2, 2018 at 10:45 GMT, the GBP/USD is trading at 1.2960, which is 1.28% lowerer against the USD from yesterday’s close.

In European session, data showed that the IHS Markit / CIPS UK Manufacturing Purchasing Managers Index rose unexpectedly from 53.0 in September 2018 to 53.8, while the market is expected to fall to 52.5. Production and new orders grew strongly, and the new export business recovered after a solid contraction in August. As the employment growth of SMEs offset further cuts by large-scale producers, business optimism also increased in September, and employment increased.

GBP USD Technical Analysis October 2, 2018

The pair is expected to find support at 1.2950, and a fall through could take it to the next support level of 1.2900 The pair is expected to find its first resistance at 1.3100, and a rise through could take it to the next resistance level of 1.3160. For today the expected trading range is between 1.2900, Support and 1.3100 Resistance.

The expected trend for today is Bearish

Supports Levels: Support 1: 1.3000 Support 2: 1.2950 Support 3: 1.2900
Resistance Levels: Resistance 1: 1.3100 Resistance 2: 1.3160 Resistance 3: 1.3200

Previous day`s high: 1.3114
Previous day`s low: 1.3011

GBP/USD Buying Opportunity for Intraday Trading October 2, 2018

Buy near the support area 1.2950 and 1.2900 as soon as you get reversal candlesticks patterns like Hammer, Bullish Englufing, Long Leged Doji or Dragonfly Doji, using stop loss 2 pips below the reversal candlestick & keep target equal to stop loss.

EUR/USD Selling Opportunity for Intraday Trading October 2, 2018

Sell near the resistance area 1.3100 and 1.3160 as soon as you get reversal candlesticks patterns like Shooting Star, Bearish Englufing, Long Leged Doji or Gravestone Doji, using stop loss 2 pips above the reversal candlestick & keep target equal to stop loss.

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