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Daily analysis of GBP/USD for November 03, 2015

Monday was volatile for GBP/USD as the pair tried to break above the resistance level of 1.5492, but now it's trading back below that zone. Currently, a consolidation is expected below the support zone around the 1.5415 level, where the Cable should start to develop a lower low pattern in order to reach the next downside target at the 1.5368 level, where the 200 SMA is located on H1 chart. MACD indicator remains on the negative territory.

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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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