GBP-USD Technical Analysis 07-Oct-2020

Monthly time frame MACD and Stochastic synced upwards direction forecast a long trend heading up. Despite the temporary downward correction looks very scary but that maybe just a scare tactic by the market maker to teardown the spirits of small traders. 

This is also confirmed by the support falls higher than the previous low. Another confirmation is from the EUR-USD which usually have identical directions with the GBP-USD. For the time being the pair might just playing corrections and then once done there is a strong potential for new higher high. 

Rumors of the US economy going for recession almost becoming a reality - and it could come sooner if the pound and euro currencies becoming stronger. 

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