09.11.201422:45 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 10, 2014

Long-term review

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At the H4 chart, the GBP/USD pair is forming a bullish pattern above the support level of 1.5811, while the resistance level of 1.5874 has halted future rises in the GBP/USD. This pair is likely to achieve consolidation above this level during this week though GBP/USD remains strong in the current bearish trend. On the downside road, if this pair makes a breakout at the support level of 1.5811, it would be expected to fall to the level of 1.5698 in the medium term.

H4chart's resistance levels: 1.5874 / 1.5951

H4chart's support levels: 1.5811 / 1.5698

The GBP/USD pair has made a strong bullish rebound at the support level of 1.5810. This pair is likely to make a pullback at the resistance level of 1.5871, because we expect this pair to finish making corrective movements in this area. On the other hand, consolidation above this resistance level, could lead GBP/USD to rise up to the level of 1.5925 in the H1 chart. The MACD indicator remains in the positive territory.

H1 chart's resistance levels: 1.5871 / 1.5925

H1 chart's support levels: 1.5810 / 1.5739

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 1.5810, take profit is at 1.5739, and stop loss is at 1.5881.

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