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22.11.201621:36 Forex Analysis & Reviews: Daily analysis of GBP/USD for November 23, 2016

Long-term review

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The pair trimmed its Monday's gains and now we can see a consolidation below the 200 SMA once again,while the resistance zone of 1.2516 is still being respected during the week. A breakout below the support area of 1.2396 should push lower to the GBP/USD pair in order to reach the next demand zone around 1.2361. MACD indicator is supporting that bearish scenario.

H1 chart's resistance levels: 1.2451 / 1.2516

H1 chart's support levels: 1.2396 / 1.2361

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 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.

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