GBP/USD SELL - 20/10/2017

FX:GBPUSD   British Pound / U.S. Dollar

After another test of the previous support level of 1.3163, GBP/USD still managed to break this mark and now the price continues falling down. It should be noted that the fall of the pair was rather sharp , but on small volume , so it is impossible to single out a specific new volume level. Despite this, this signal is a good bearish pointer. Moreover, there is a large accumulation of volume at the top of the chart, which exerts additional pressure on the price. Given all these factors, it is worth giving preference to short positions on this instrument. Sales should be opened after the appearance of large volume in the market and a rapid fall of the price after that. This scenario gives us a good place for the stop loss - just above the beginning of a volume fall of the price. The target is a local minimum.

The bottom line: short positions are in priority.


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