InstaForex - Analytics


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    Daily analysis of GBP/USD for November 18, 2015

    GBP/USD is trying to do a consolidation above the 200 SMA on the H1 chart, but there is a strong dynamic resistance offered by this indicator. We should remind that a rally higher will open the doors to the resistance level of 1.5296 on a short-term basis. If the cable does a pullback at current levels, we can see a fall towards the level of 1.5142 again.The MACD indicator is entering the neutral territory.


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    H1 chart's resistance levels: 1.5296 / 1.5365

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

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