GBPUSD trading idea for the week of 23-Oct-2017

Technical Analysis

GBPUSD fell down significantly but not enough to break the weekly up trend line. In fact the pair found support before touching the trendline. This makes us believe that the pair is in fact trying to build enough momentum to go higher to test the resistance of 1.3650.

GBPUSD Weekly

Bank of England is likely to raise interest rates. The Cable will likely to see continued bullish pressure.

Trading Preference.

Our preference is to buy this market until the uptrend is broken and also until 1.30 level is also broken. Until then starting with small positions and adding as it gets in your favour or buying the dips is the way to go in this market.

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