GBP/USD: trade idea for Oct. 1

   Felipe Erazo

GBP/USD fell during yesterday’s session from the level of $1.6287, where the pair had a strong bearish momentum and is now trying toform a pattern of lower high above support at $1.6166, so the GBP/USD is concentrating efforts to make a breakthrough in this important area for further falls.

GBP/USD found resistance at the Fibonacci retracement level of 50.0. The pair could revisit that level inthe next sessions, because the RSI is entering oversold area on H1.

Trading recommendation: put sell orders (sell) only if the GBP/USD manages to consolidate below $1.6154 level with take profit at $1.6109.

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