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GBPUSD Technical Analysis For 3rd November 2015

03 November 2015, GBP/USD

GBPUSD Technical Analysis For 3rd November 2015
Technical View:
GBPUSD is currently trading with a bearish bias. During the previous intraday, the market opened at 1.5453, and ended up closing at 1.5416. Following this gap on the daily chart, we expect further downward movement for the intraday traders. This downward movement is highly anticipated since other positively correlated pairs such as EUR/USD and GBP/HKD giving sell signal. We will therefore sell this pair but with stops at 1.5346. and the next stop at 1.5296.

Trade recommendations:

Remain short in this pair as long as the other positively correlated pairs are giving sell signal. Sell positions should be accompanied by TPs at 1.5346. and the next stop at 1.5296.

Support Levels: S3: 1.54 S2: 1.5405 S1: 1.5413 Pivot: PP: 1.5424 Resistance levels: R1: 1.5427 R2: 1.5432 R3: 1.544

Graham Osano
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