GBPUSD Technical Analysis For 24th November 2015

24 November 2015, GBP/USD

GBPUSD Technical Analysis For 24th November 2015
Technical View:
GBP/USD is currently trading with a Bullish bias. On 6th November, while price was trading at 1.5030, the intraday stochastic was trading at 3.225, while we expected both the price and the intraday stochastic to trade back to the same levels at the exact time, the intraday stochastic is already bouncing off from 3.225 while price is still 881 pips away from its previous level, which means price will change direction and head long. From this perspective, we are anticipating a massive long movements with targets at 1.5243, and the next target at 1.53337. We expect similar upward movement in other pairs such as GBP/HKD, and EUR/USD. This pairs are strongly positively correlated and are thus expected to move in similar direction. Thus, only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Remain long in this pair with targets 1.5243, and the next at 1.53337

Graham Osano
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