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GBPUSD Daily Forecast: October 10

Sunday, October 9, 2016 19:45
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(Before It's News)

GBPUSD Forecast
The GBPUSD had a strong bearish momentum last week hit 1.2000 but closed higher at 1.2439. As you can see on my daily chart below, we have a hammer candlestick formation suggests a potential bullish correction/reversal scenario. The bias is neutral in nearest term. Immediate resistance is seen around 1.2475 followed by 1.2550 but key resistance is seen around 1.2790. Immediate support is seen around 1.2390 followed by 1.2335.

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  • GBP/USD is really in total chaos and it’s unlikely that we will see things changing anytime soon at all. In fact, it’s fair to say that we are just going to see things getting more hit in coming weeks, so that’s why we need to be extremely careful. I love scalping during such phase because it’s highly beneficial especially with broker like OctaFX where spread is always extremely low starting from 0.1 pips while there is also huge cash back up to 50% on all trades.

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