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GBPUSD Technical Analysis For 30th November 2015

30 November 2015, GBP/USD

GBPUSD Technical Analysis For 30th November 2015
Technical View:
GBP/USD is currently trading with a bearish bias. The pair traded short as previously Forecasted, but could not close below a very significant daily support, 1.50301. Based on the Friday's trading day red candle, we are very reluctant to go long at this level. We are waiting for a break below 1.4969 before we continue short. In an alternative scenario, should the price close above 1.5123, then we will go long with ultimate TPs at 1.5257. Ideally, we are waiting for EUR/USD to close below 1.04536, so that we go short in Pound. These two pairs have a very strong positive correlation of up to +0.79, and are thus expected to move in the same direction as other positively correlated pairs such as GBP/HKD, and CHF/JPY.

Trade Recommendations:

Go short below 1.4969, and remain short as long as EUR/USD is trading below 1.04536

Graham Osano
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