Daily analysis of GBP/USD for November 01, 2016

Despite the recent bullish momentum lived by the Sterling, we’re
still calling for a bearish scenario in the short term for GBP/USD,
as the price action doesn’t seem to be in favor of the upside. The
resistance level of 1.2310 is still a strong barrier and any pullback
at current levels may push lower the pair to test the support level
of 1.2155.

1477944148_GBPUSDH1.png

H1 chart’s resistance
levels: 1.2310 / 1.2427

H1 chart’s support levels:
1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart,
sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.2229, take profit is at 1.2155
and stop loss is at 1.2299.

The material has been provided by InstaForex Company – www.instaforex.com

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