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Daily analysis of GBP/USD for November 06, 2015

GBP/USD is forming a lower low pattern below the resistance level of 1.5249 on H1 chart after a strong consolidation under the price zone of 200 SMA. That's why we expect a breakout below the support level of 1.5205 in order to reach the 1.5142 level, which is the next key interest zone on the current structure. This moving average is also pointing to the downside. MACD indicator is entering the oversold territory.

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H1 chart's resistance levels: 1.5249 / 1.5328

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 at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.



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