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Daily analysis of GBP/USD for November 09, 2015

GBP/USD has been trading lower after the US NFP release during Friday's session as it still forming a lower low pattern on H1 chart. However, we should note there are higher chances to see another breakout lower because of the current structure. The support zone of 1.5030 is the key level during this decline and that's why we could expect some rebounds over there on a corrective basis. MACD indicator is entering the neutral territory.

GBPUSDH1.png

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H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5030 / 1.4932

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 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.



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