Sterling leans on a bullish trend line – Technical Analysis – 26-10-2015

The GBPUSD pair declined recently to reach 1.5307 support level, this level represents 50% Fibonacci of the short term bullish wave from 1.5106 to 1.5508, accompanied by leaning on the short term bullish, with positive signals that start to appear on stochastic, after reaching oversold areas.

Therefore, we expect rising in the coming periods, targeting 1.5413 resistance that represents 23.6% Fibonacci level, accompanied by touching the moving average 50, conditioned by the price stability above 1.5307.