09.11.201623:55 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 10, 2016

Long-term review

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GBP/USD was quite volatile as the results from the US elections keep coming during Wednesday's night. During first hours of yesterday's session, the pair tested the resistance level of 1.2546, but it managed to retrace towards the 200 SMA, erasing the gains boosted by Donald Trump's victory. If Cable does a breakout above the 1.2482 level, then it can cling towards the 1.2546 level once again.

H1 chart's resistance levels: 1.2482 / 1.2546

H1 chart's support levels: 1.2413 / 1.2335

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2482, take profit is at 1.2546 and stop loss is at 1.2416.

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