Gbpusd october 23th 2018 analysis
Continuing worries about BREXIT’s upcoming pound and the GBPUSD currency pair. GBPUSD was hit by sales yesterday and fell below $ 1.30. From a technical point of view, and analyzing the movements in the GBPUSD’s 4-hour charts, continuing sales pressures could push GBPUSD to a key support of $ 1.294, which is slightly offset by the September high of 1.211 and the Rand rate of 1.29. You should also pay attention to the RSI indicator, which has reached the saturation level.
On the GBPUSD weekly chart, the market was down from 1.3472-1. 2302, falling to the region of GBPUSD demand at 1.28141-1.2589. In addition, the market witnessed a definitive breakdown of the daily support line from 1.6160. The failure of this support line process can bring GBPUSD down below support at 1.284. This support is located at the bottom of the weekly demand zone at 1.2898-1.2589.
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Price action strategy
All GBPUSD price charts indicate a downside of the market, and the GBPUSD’s 4-hour chart has not yet reached key support of $ 1.241, and it’s likely that today’s market focus will be on this support. A rebound of $ 1.30 and a complete four consecutive downtrend or complete downtrend can be enough to enter the GBPUSD sales deal. In this case, you can enter the sales deal with the profit margin of the 4-hour key support at 1.2941, 1.2911, or $ 1.29. The ultimate goal of the GBPUSD deal is to reach the top of the weekly demand zone at $ 1,274.