Daily analysis of GBP/USD for October 09, 2017

The pair is facing a support around 1.3037 at which we're expecting a breakout in order to extend the decline for the short-term. That support should hold in order to make a rebound in GBP/USD towards the resistance zone of 1.3195 and correct the leg lower. To the downside, if the 1.3037 level gives up, another decline to test the 1.2914 is likely to happen.

H1 chart's resistance levels: 1.3195 / 1.3309 H1 chart's support levels: 1.3037 / 1.2914
Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2914 and stop loss is at 1.3161.

When the European market opens, some Economic Data will be released, such as Sentix Investor Confidence and German Industrial Production m/m. The US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1798.

Strong Resistance:1.1791.

Original Resistance: 1.1780. Inner Sell Area: 1.1769.

Target Inner Area: 1.1741.

Inner Buy Area: 1.1713.

Original Support: 1.1702.

Strong Support: 1.1691.

Breakout SELL Level: 1.1684.

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