GBPUSD Trading idea for the week of 30-Oct-2017

During the course of last week GBPUSD rallied due to GDP figures beating the expectation. However, the move to 1.3250 was met with resistance which in turn led the pair to fall towards the uptrendline that we have been following for quite some time now.

GBPUSD Weekly

The trend line could offer support for this pair. However, if the pair falls, breaking through the trend line, it could go down towards 1.30 level.

If the trend line does offer support, the pair could again move up towards the resistance again.

Trading preference

At this time, it is good to wait to see what happens around the uptrend line. A supportive candle could be an opportunity to buy. Break below could be an opportunity to sell.

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