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11.11.201600:09 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 11, 2016

Long-term review

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The pair had a strong rally during Thursday, amid uncertainty about further policies by the new US president, Donald Trump. Across the board, GBP had its demand increased and it's now challenging the resistance level of 1.2546, where a breakout higher should open the doors to test the resistance level of 1.2637. MACD indicator is showing some signs of weakness in the current trend.

H1 chart's resistance levels: 1.2546 / 1.2637

H1 chart's support levels: 1.2482 / 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 1.2546, take profit is at 1.2637 and stop loss is at 1.2455.

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