Forex Trading: GBPUSD Technical Analysis – October 25, 2019
The Great Britain Pound (GBP) fell on Friday against the US Dollar (USD), dropping GBPUSD’s price to below 1,2900. The pair’s price dropped after the publication of major economic news. The technical bias may remain bullish because, in the recent upside move, the pair of price”s denoted a higher high.
GBP/USD Technical Analysis
At present, the pair is being exchanged around 1.2882, At 23.6 percent, immediate support can be seen around 1,2761, which is likely to prevent the price from dropping lower, a while later the trendline support of 1,2567appears, and then there is significant horizontal support of 1,2485 demonstrated in the graph below.
Moving to the upside, At 61.8% Fib level an immediate resistance that prevents the pair’s price from expanding over this level may face about 1,2387, another trendline resistance of 12877 appears, and then a significant horizontal resistance of 1.3377, as shown in the above chart. The technical bias shall remain bullish as long as 1.2669, the major horizontal support level remains unchanged.
USD Nondefense Capital Goods Orders Excluding Aircraft
In the United States, the figure concerning the Nondefense Capital Goods Orders Excluding Aircraft is -0.5%, in this month downbeat with the economist expectation of -0.2% but risen from the month before percentage i.e -0.6%. The data is sourced from the news released by the US Census Bureau.
The Nondefense Capital Goods Orders Excluding Aircraft estimates the cost of capital goods orders issued by suppliers (capital goods are durable goods used in the production of goods or services), which means goods intended to last for three years or longer, excluding the defense and aircraft sectors. Because these green goods also involve large investments that are sensitive to the economy of Us. the positive reading is following the bullish trend for the US and vice-versa.
Given the pair’s general price activity over the last few days, it can be a decent choice in the short to medium term to buy the GBPUSD around current levels. Therefore, adhering to the financial calendar is probably not going to succeed, you also need to discover intermediaries with an exceptional level of influence so that you can find some advantage when exchanging your pair.