InstaForex - Analytics

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    Daily analysis of GBP/USD for November 20, 2015

    On H1 chart, GBP/USD is trying to extend its bullish rally above the resistance level of 1.5296. A breakout over there will expose it to test the next resistance around the zone of 1.5365. By the way, we can seeing a kind of bullish consolidation above the 200 SMA and this moving average is pointing to the upside. The MACD indicator is entering the negative territory.

    GBPUSDH1.png

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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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