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GBP Trading Outlook (20-10-2015)

Medium Term Strategy: Forex Pair of the day

GBP/USD – rebound
The pair has rebounded above the strong support at 1.5070 as the daily RSI is reversing up above its oversold area and stands above its neutrality area. Thus, as long as 1.5070 holds on the downside (horizontal support and overlap), a rebound is likely with 1.5660 as a first target (September top) and 1.5940 in extension (June top and previous overlap). A third target is set at 1.6190 (61.8% retracement of the July 2014 to April down leg). Only a break below 1.5070 would turn the outlook to bearish with a first alternative target set at 1.4850 (horizontal support) and a second one set at 1.4560 (horizontal support and April low).
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