16.11.201500:46 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 16, 2015

Long-term review

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GBP/USD is still trapped sideways above the 200 SMA in the H1 chart. A pullback could happen at current levels because the cable is likely to make an attempt to perform a breakout below the support zone of 1.5205 with a target at the level of 1.5142. However, if a rebound takes place at the current stage the pair can try a rally until the resistance level of 1.5296. The MACD indicator is at the positive territory now.

H1 chart's resistance levels: 1.5296 / 1.5365

H1 chart's support levels: 1.5205 / 1.5142

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.

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