GBPUSD Weekly Forecast Oct 08 2018

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GBPUSD: Recovers, But It’s Around Critical Resistance!

As long as 1.2728 support holds on a weekly closing basis, the GBPUSD remains in recovery mode and further upside couldn’t be ruled out, but upside above 1.2728 should be limited by 1.3117 levels where another fall is very likely, however; above 1.3171 will extend the corrective recovery to the 1.3362 levels, it should turn lower from here, but if this fails to happen, a strong move to the upside will be seen to the 1.3745 levels.

On the downside, immediate support comes at the 1.2935 levels, a weekly closing below that level should weaken recent rise and pave the way to the 1.2728 levels, below that level will restore the downside momentum and aim the 1.2515/1.2365 levels.

Conclusion: The GBPUSD sees recovery threats above the 1.2728 levels with caution…

Support: 1.2935, 1.2728, 1.2515

Resistance: 1.3171, 1.3362, 1.3745

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