Last analysis GBPUSD from October 2 gave 250 pips profit. I pointed important support which should make rebound and targets for rebound. I wrote: “if rebound occurs, the next resistances will be at: 1.5120, 1.5240, 1.5370”. In fact after rebound price at Friday reached to 1.5239 level and declines returned.
GBPUSD moves in a downward trend. It is confirmed by blue dotted line on the chart. Today was tested support at 1.5000. Next supports are located at levels: 1.4870, 1.4740. Today will be event of the month (or maybe of the year), which can be first rates hike in USA. It’s impossible to predict what will be the reaction of the market because that information should be already priced in. If price rebound again nearest resistance is at 1.5120. However more important will be break above 1.5240 level. It should allow bigger upward movement.
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