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GBPUSD Technical Analysis For 19th November 2015

19 November 2015, GBP/USD

GBPUSD Technical Analysis For 19th November 2015
Technical Analysis:
GBP/USD is currently trading with a Bullish bias. On 14th October at 16.00, while the price was trading at 1.5495, the intraday stochastic was at 96.58, we expected both the price and the intraday's stochastic to get back to the same levels at the exact same time, however, as it appears, the intraday stochastic is almost hitting 96.58, while the price is 2073 pips away from its previous level, which mean price will change direction soon and head short, probably upon reaching the upper range. Traders trading this pair should observe other positively correlated pairs such as EUR/USD, and GBP/HKD. Although we anticipate massive downward movements, we are waiting to sell on the zone 1.53062 and 1.5334

Trade Recommendations:

Wait for a bearish candle within the range of just below it, 1.5168, and the next target at 1.5122.

Graham Osano
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