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06.11.201621:01 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 07, 2016

Long-term review

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The pair is gaining ground above the 1.2500 psychological level, ahead of the US presidential elections, which will take place on Tuesday. Currently, GBP/USD is being favored by the bullish momentum after recent UK High Court ruling about Brexit, but further gains could be capped ahead of the US elections, as the markets could start to trade in a wait-and-see mode. A support zone is located at the 1.2465 level.

H1 chart's resistance levels: 1.2605 / 1.2740

H1 chart's support levels: 1.2465 / 1.2413

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2605, take profit is at 1.2740 and stop loss is at 1.2471.

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