FX.co ★ Technical analysis of GBP/USD for October 19, 2015

The weekly technical analysis of the GBP/USD pair:

Overview:

• The GBP/USD pair continues its bullish sentiment from the level of 1.5406 because the support has already set at the level of 1.5400 and the double bottom is seen near the resistance level of 1.5390. Accordingly, it will be profitable to buy in this area with the first target at 1.5508 to test minor resistance, which represents a ratio of 100% Fibonacci retracement in the H1 chart. Besides, if the trend manages to break the double top, it will call for an uptrend in order to continue its bullish movement towards 1.5566 to test the weekly resistance 1. The weekly pivot point is seen at 1.5383. The stop loss should be placed at the level of 1.5360. Equally important, support is found at the level of 1.5380 today.