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    Technical analysis of GBP/USD for November 19, 2014

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    Overview:

    • The price of the GBP/USD pair has been not stable because the trend has been moving downwards from the price of 1.5320 on the H4 chart. Additionally, according to the previous events, the price of GBP/USD has still been moving between 1.5180 and 1.5320. Furthermore, the resistance has already been set at the price of 1.5320 and the support is placed at 1.5180 (minor support). Moreover, the level of 1.5180 represents the weekly pivot point. The weekly pivot point (the price of 1.5111 has coincided with the ratio of 38.2% Fibonacci retracement levels). As a result, the GBP/USD pair is likely to start showing the signs of the bearish market at the level of 1.5320 because the market will indicate a bearish opportunity at the spot of 1.5300/1.5320, so the level will be acting as a strong resistance today. In other words, it will be a good decision to sell below the price of 1.5300/1.5320 with the first target of 1.5180 in order to try to close below the weekly pivot point. It will call for the downtrend to continue its bearish movement towards 1.5102 to form the strong support on the H4 chart. On the other hand, the stop loss should be placed above 1.5356.

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