GBP/USD: The weakening of the GBP basket is likely to

Tian Kriek

Analyst


October 23, 2020 06:53 AM

BULLISH

Daily Trading Range:
GBP/USD: The weakening of the GBP basket is likely to amplify as more negativity surrounding Brexit emerges and another Covid lockdown. The Weekly counter trend line was broken to confirm the Bearish Probability. I expect price to fall to the 1.2300 area (Daily Down Fibonacci 1.1618). There is a Down Fibonacci ABCD swing on the Daily chart but due to the fact that the USDOLLAR index is not confirmed Bullish I am going to wait till Monday. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-ny-workspaces-22-oct/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3250
Resistance 2: 1.3500
Resistance 1: 1.4000
Current Price 1.3064
Support 1: 1.2900
Support 2: 1.2500
Support 3: 1.2000

Two Hour Chart

Two Hour Chart
10 Keys to Successful Forex Trading