Weekly Technical Analysis Report 22 October – GBPAUD played out nicely, bullish play seen on GBPUSD

Weekly Technical Analysis Report 22 October – GBPAUD played out nicely, bullish play seen on GBPUSD

1. Last week’s outlook on GBPAUD: Pullback presents an opportunity to sell

Prices are facing bearish pressure from the resistance zone at 1.8600 which lines up with the 50% Fibonacci retracement and descending trend line. A pullback to test this resistance area presents an opportunity to play the drop to the next support target at 1.8420 support area. Ichimoku cloud is showing signs of bearish pressure as well.

GBPAUD Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/GBPAUD/2YDyQ0pp-Outlook-on-GBPAUD-Pullback-presents-an-opportunity-to-sell/

 

2. This week’s outlook on GBPUSD: Bullish play seen

Prices are facing bullish pressure from its ascending trend line and Ichimoku cloud and a pullback to test the support zone at 1.37400, which coincides with the 127.2%, 38.2% Fibonacci retracement and 127.2% Fibonacci extension, presents an opportunity to play the bounce to the next resistance target at 1.38500.

Outlook on GBPUSD: Bullish play seen by Salzworth on TradingView.com