GBPUSD Technical Analysis For 26th November 2015
26 November 2015, GBP/USD
GBP/USD is currently trading with a slight bearish bias. We are waiting for an ultimate break above 1.5134 to mark a continuation of the triangular formation shown in the 4H chart. Any clear break above the now resistant level 1.5134, and the trend line, will call for long positions with stops at 1.5251, and the next stop at 1.5296. Traders trading this pairs should observe other positively correlated pairs such as GBP/HKD, GBP/JPY, and CAD/HKD for similar price movements. These pairs have a strong positive correlation of up to +0.94, and are thus expected to follow a similar price pattern. Therefore, only buy or sell Euro if all the other positively correlated pairs are giving the same signal.
Buy above 1.5134 with stops at stops at 1.5251, and the next stop at 1.5296. In an alternative scenario, should the price close below 1.51038, then go short with targets below 1.5052.
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