FX.co ★ Technical analysis of GBP/USD for October 23, 2017

Overview:

• The GBP/USD pair is still moving upwards from the zone of 1.3017. The first support level is currently seen at 1.3017, the price is moving in a bullish channel now.
• Furthermore, the price has been set above the strong support at the level of 1.3017, which coincides with the 61.8% Fibonacci retracement level.
• This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.3017 and 1.3298.
• So, the support is seen at 1.3017, while daily resistance is found at 1.3298.
• Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3017. In other words, buy orders are recommended above the zone of 1.3017 with the first target at the level of 1.3298; and continue towards 1.3655 in coming days.
• On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.3298 today, the market will decline further to 1.2820 (major support).