20.11.201621:17 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 21, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pair is looking for further weakness during this week, as we already seen a bearish consolidation below the 200 SMA on H1 chart. Currently, GBP/USD is finding demand around the 1.2308 level across the board and that should produce some corrective moves before to resume the downside. If we see a breakout below that area, then we can expect a decline towards the 1.2254 level, while a breakout higher at the 1.2427 area, then it can rally to the 1.2516 level.

H1 chart's resistance levels: 1.2427 / 1.2516

H1 chart's support levels: 1.2306 / 1.2254

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 1.2427, take profit is at 1.2516 and stop loss is at 1.2340.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.