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​GBP/USD Potential for a Bullish Continuation Towards R2

October 08, 2018 19:20

GBPUSD Hourly Chart - Technical Analysis

Source: GBP/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 08.10.2018 02:30 AM

GBPUSD Daily Chart - Technical Analysis

Source: GBP/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 08.10.2018 02:30 AM

The GBP/USD currency pair has formed a breakout pattern just above the PP point support, and we could see a further upside potential towards the R2 pivot point. The main news release for the GBP is GDP (Gross Domestic Product) on Wednesday. For those unfamiliar with it, GDP measures a change in the total GVA of all goods and services produced by the economy. It's the broadest measure of economic activity and the primary gauge of the economy's health. Don't forget to follow our Forex calendar for all regular updates on the news,economic announcements, forecasts and much more.

Technically, the GBP/USD currency pair formed a retracement trend line and the break above it might initiate a bullish continuation. However, if the price retraces to the POC zone between 1.3060-80, bulls might be ready for another push to the upside. The GDP news might also cause higher volatility, so be prepared. Targets are 1.3184 and 1.3253. However if the GDP result is worse than expected, we might see 1.3000 retest again. Always pay attention to price action before you start making new entries. Consolidation usually precedes breakouts.

Pivot Lines - Weekly Support and Resistance

POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.