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GBPUSD Technical Analysis For 27th November 2015

27 November 2015, GBP/USD

GBPUSD Technical Analysis For 27th November 2015
Technical Analysis:
GBP/USD is currently trading with a slight bearish bias. Pound failed to close within the triangle, instead it bounced off from the lower green trend line and is currently heading short. A break below 1.5065 will mean further downward movements probably up to below 1.5027. In an alternative case scenario, should the price close above the green trend line, then we expect a continuation of the triangular formation. Also, we have the intraday stochastic trading along its neutrality level 50, meaning either case is possible. This pair is strongly positively correlated to EUR/USD, GBP/HKD, and EUR/CAD. Thus, only buy or sell Pounds if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Go short from 1.5066, with SL at 1.51105

Graham Osano
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