GBPUSD Technical Analysis For 16th November 2015
16 November 2015, GBP/USD
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.
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.
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