AutoChartist Report Forex (Eur) 15.10.2018
Focus: the resistance at 1.6297 remain in focus as a major obstacle and the pair needs to break this resistance to confirm further upward trend. The immediate support is near the 1.6085 zone.
The GBP/USD is trading in a support zone on a 30 minute time frame. This is the first time the price is visiting this support zone therefore, there is a strong possibility that we could see a bounce from this zone. The volatility for the pair is also high as the price has pierced the Bollinger band. The piercing of the Bollinger band does have a significant importance when this takes place at an important level of support or resistance because it has the ability to change the direction of the trend or pause the move.
The RSI is trading in an oversold zone therefore, the bias could be to the upside
Important Zones
Resistance Zone
1.6349-1.6297 Major
1.6455-1.6421 Major
Support Zone
1.6085-1.6056 Minor
1.5799-1.5769 Major
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