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Daily analysis of GBP/USD for November 02, 2015

On H1 chart, there is a bullish momentum ongoing above the 200 SMA, erasing in some way the losses made after the Fed meeting last week. Besides, a higher high pattern can be seen above that moving average, so our short-term outlook could be turning in favor of the bulls' force. However, one souldn't discard a pullback below the support level of 1.5415, focusing on the 1.5368 level, which is close to the 200 SMA.

GBPUSDH1.png

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H1 chart's resistance levels: 1.5461 / 1.5492

H1 chart's support levels: 1.5415 / 1.5368

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 at 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.



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