Gbpusd october 15th 2018 analysis
Since mid-September, the weekly chart of the British pound has fluctuated between the supply range of 1.3472-1.3140 and support at 1.3047. At the top of the swinging ceiling, the reopening rate for 2018 is at $ 1,3503, while it is below the range of the demand region of 1.2898-1.2589. On the GBPUSD daily chart, the downside pattern is shown at 1.3217-1.3138 (green circle). From a technical viewpoint, this range could lower the market to the support line drawn from the bottom of 1.2661.
On GBPUSD’s 4-hour chart and on Friday trading, GBPUSD fell sharply from a high of $ 1.3257. GBPUSD dropped below $ 1.32 a week earlier, with GBPUSD looking to challenge the August rebound of 3117 and the Rand rate of $ 1.31. The $ 1.3117 bench supports 61.8% Fibonacci support.
Price action strategy
Given the GBPUSD daily downturn, it is possible to expect a fall in the parity rate. Particularly, the downside of the daily GBP chart is smooth and the next week’s support is at $ 1,3047. For this reason, entering a GBPUSD purchase from $ 1.31 can not be very interesting, although it is consistent with 61.8% Fibonacci support at 31.17.
However, the October reopening in 1’3031 is strong support for GBPUSD. Not only with the support of 61.8% Fibonacci at $ 1,3050, it also supports weekly support at $ 1,3047. That’s why this week you can see the blue range of the 4-hour chart following the GBPUSD purchase deal. It is recommended to stay ahead of the purchase of GBPUSD to buy a price-action signal. The first profit margin of GBPUSD is the Rand rate of $ 1.31.