GBPUSD – GBPJPY – Forex forecast 20191015

Intermediate

Recap

GBPUSD longs at support at 1.2590/80 were stopped below 1.2560 but we bottomed exactly at strong support at 1.2520/10 with longs offered up to 130 pips profit on the bounce. 1.2630/40. (We topped exactly here).

GBPJPY broke support at 136.10/00 but bottomed exactly at the next target of 135.60/50.

Forecast – 15 October 2019
GBPUSD holding minor resistance at 1.2630/40 tests first support at 1.2590/80. Below 1.2570 risks a retest of strong support at 1.2520/10. Longs need stops below 1.2485. A break lower targets 1.2460/50.
Above 1.2650 meets strong resistance at 1.2700/10 but a break above 1.2730 targets 1.2780/90, perhaps as far as 1.2830/40.

GBPJPY minor support at 136.80/70, better support at 136.10/00. A break lower targets 135.60/50 with support at 135.10/00. We reached 137.84/87 last week so a break above 138.00 is obviously positive targeting 138.35/40 & 200 day moving average resistance at 138.65/75. A break above 139.00 targets 139.60/70, perhaps as far as resistance at 140.25/35.

GBP Chart

Editor

Jason Sen began his trading career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successful...continued

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