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GBPUSD Technical Analysis For 20th November 2015

20 November 2015, GBP/USD

GBPUSD Technical Analysis For 20th November 2015
Technical Analysis:
GBPUSD is currently trading with a slight bullish bias. The pair went long as previously forecasted but could not close above 1.53337, instead, it rallied downwards and ended up closing below another very significant support level 1.5306. We are still waiting for the intraday stochastic to to hit 96.58, when the price is still way below its previous level 1.5495, so that we can conclude there is an opposite scenario, divergence. This pair is strongly positively correlated to GBPCAD, EURUSD and EURJPY, they are thus expected to move in a similar direction. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades below 1.53337, short positions will be ideal buit with SL at 1.5358.

Graham Osano
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