AutoChartist Rapport Forex (Eur) 15.10.2018
Strategy in Play:
The GBP/USD bounced from its support on a 30 minute time frame as predicted. This support zone was given in our analysis on the 23rd of October. The price is trading in a upward channel and it has not broken this channel so far which means that the bias could be to the upside. However, a break of this channel could increase the selling pressure for the pair as it is trading below the 50 day (shown in green) and near the 100 day (shown in yellow) moving average which confirms that the bulls are struggling.
However, the RSI is trading in line with the price action since it has fallen from its over sold region which means that the bias could be to the downside.
Important Zones
Resistance Zone
1.6347-1.6316 Major
1.6258-1.6238 Minor
Support Zone
1.6127-1.6112 Minor
1.6067-1.6051 Major
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