GBPUSD: Faces Further Bear Pressure, Eyes 1.5382 Level

Oct 21, 2015

GBPUSD: GBP continues to hold on to its downside bias failing at the 1.5505 level to close lower on a rejection candle on Tuesday. While it remains below the 1.5508 level and its 200 EMA, our bias remains to the downside. Resistance resides at the 1.5508 level. A violation of here will clear the way for a run at the 1.5550 level. We look to buy the pair at following levels

Strategy: Sell at 1.5447, Stop loss at 1.5518, Price target at 1.5347 & 1.5295