GBPUSD Technical Analysis For 1st December 2015

01 December 2015, GBP/USD

GBPUSD Technical Analysis For 1st December 2015
Technical View:
GBPUSD is currently trading with a bullish bias. The pair went below our daily support 1.05030, tested it and ended up closing above it. We expect the pair to continue trading on the higher ranges with targets along the now resistive trend line. Technically, the level 1.5165 should be our target since this is a very significant daily resistant and we expect it to present a major challenge for bulls to cross. This pair is positively correlated to NZD/USD, GBP/HKD, CHF/HKD, and AUD/CAD, therefore are expected to move in a similar direction. Only buy or sell Pounds if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:

If you haven't gone long already, wait for a minor pullback towards 1.50661, then buy pounds with target at 1.51658

Graham Osano
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