Gbpusd october 5th 2018 analysis
Yesterday, BREXIT News supported the pound. In the yesterday’s report, the Hurdle Zone 1 2931-1. 2896 was referred to as the appropriate range for entering the GBPUSD purchase deal. Not only included the September reopening rate of 1 2911 and the Rand rate of 1.29, but aligned with the completion date of the AB = CD pattern on 1 January 2927 daily. As seen from the 4-hour chart, the bullish pinnacle is on a daily chart, with GBPUSD rising to over $ 1.30.
However, GBPUSD buyers need to be honest. Half-resistance at 1 3043 with resistance 1.3047 can limit upside movements. In the RSI, the market’s resistance is at 54.89 units.
Price action strategy
Regarding the resistances mentioned above, if you have entered the pound purchase deal from the quaternary demand zone, it is best to consider profit stabilization. But if you are looking to enter a GBPUSD sales deal, it’s best to wait until the downtrend of 1.30. GBPUSD can then go down to the 4-hour demand zone.