GBPUSD Technical Analysis For 16th November 2015

16 November 2015, GBP/USD

GBPUSD Technical Analysis For 16th November 2015
Technical View:
GBPUSD is currently trading with a slight bullish bias. The pair traded long for the better parts of the previous intraday, but could not close above a key daily resistant level 1.52505, We expect a bounce from this level to mark continuation of wave (c). Traders trading this pair should observe other pairs such as GBP/HKD, AUD/USD and AUD/CAD for positive correlation. These pairs have a strong positive correlation of up to +0.95, and are thus expected to move in a similar direction, therefore only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Sell from 1.5249, with SL at 1.5262. Any movements above 1.5265 will signal further movements to the upper side, thus long positions will be ideal for trading.

Graham Osano
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