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GBPUSD Technical Analysis For 6th November 2015

06 November 2015, GBP/USD

GBPUSD Technical Analysis For 6th November 2015

Technical View:

GBPUSD is currently trading with a very slight bullish bias. The pair traded short for the better parts of yesterday's Intraday as previously forecasted. It even ended up closing below a very significant key support level 1.5238. We are waiting for a minor corrective move upwards probably up to this support before we continue short. This pull back will also be accompanied by a similar upward movement in GBP/HKD up to 11.81. These two pairs have had a very strong positive correlation of up to +0.96, and are thus expected to move in a similar direction. Ideally, wave (5) should close along the lower support trend line at 1.4958. We will therefore sell Pounds at the same time when GBP/HKD reaches 11.81.

Trade Recommedations:

Sell this pound from 1.5238 but with a stop loss at 1.5263. This view can only be challenged should the price end up closing above 1.5263

Graham Osano
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