GBP/USD Technical analysis for September 30, 2016

GBP/USD Technical analysis for September 30 – It is well understood that the rate of dollar in some other country is just pilling up. and following the update U.s. Dollar Index Trims Gains After U.s. Aug Personal Income, Pce Price Index Data. Below is the overview of Technical analysis of British Pound rates/US Dollar for September 30, 2016. So less check the Technical analysis of GBP/USD for September 30, 2016

GBP/USD Technical analysis for September 30, 2016

Olaf Rosenberg forex.co trading portal analytical expert on Technical analysis of GBP/USD for September 30, 2016

Overview on GBP/USD Technical analysis for 30th September 2016

According to the main scenario, the pair may start forming correctional structures. The downward bias will start from the price of 1.3064, which represents the double top. The GBP/USD pair is still trading in the bearish market. Hence, today the Pound could form a descending impulse for a while and continue moving downwards. Moreover, it should be noted that the resistance of the GBP/USD pair has set at the price of 1.3064 (a minor resistance sets at 1.2973).Please be aware that the pair will be traded between 1.2973 and 1.2880. On the other hand, supports set at the prices of 1.2880 and 1.2784. In addition, it also should be mentioned that the range this day will be around 95 to 130 pips.

Consequently, the trend in H4 time frame is calling for a bearish market at the levels from 1.2973 to 1.2880. So, the pair will probably go down since the downward trend is still strong. In case, the GBP/USD pair can break the minor support which is placed at 1.2880, the trend will resume towards the next supports at 1.2800. It looks for a further downside move with the target at 1.2784. However, stop loss has always been in consideration, hence it will be helpful to set it above the last double top at the level of 1.3064 (notice that the major resistance today has set at 1.3119).

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