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15.11.201621:30 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 16, 2016

Long-term review

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GBP/USD extended its losses during yesterday's session, as the pair tested the support level of 1.2377, which is below the 200 SMA at H1 chart. Currently, we're seeing an attempt to resume the overall bullish structure, but this should be taken as corrective, as the Cable may perform a breakout lower to fall towards the 1.2254 level in coming days.

H1 chart's resistance levels: 1.2434 / 1.2516

H1 chart's support levels: 1.2377 / 1.2254

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 1.2434, take profit is at 1.2516 and stop loss is at 1.2351.

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