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GBPUSD Technical Analysis For 2nd November 2015

GBPUSD Technical Analysis For 2nd November 2015 | 02 November 2015

02 November 2015, GBP/USD

GBPUSD Technical Analysis For 2nd November 2015
Technical View:
GBP/USD is currently trading with a bulish bias. the pair traded long as previously forecasted but could not reach our resistive upper trend line. We still still anticipate further movements to this resistant trend line before we go short. Any clear break out above this trend line will signal further movements towards the upper side that long positions will be ideal. The reason we remain long in this pair is because other strongly positively correlated pair such as GBP/HKD is currently trading above a very significant key resistant level 11.8850, as shown on the daily chart. The just crossed resistant level is likely to be support hence driving the market to the upper side.

Trade Recommendations:

In the meantime remain long in both pairs but with TP at 1.5477, and the next at the resistive trend line. Then Sell from 1.5477, but with stops at 1.5366, and the next stop at 1.5237

Bob Stan
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