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GBPUSD Technical Analysis For 12th November 2015

GBPUSD Technical Analysis For 12th November 2015 | 12 November 2015

12 November 2015, GBP/USD

GBPUSD Technical Analysis For 12th November 2015
Technical View:
GBP/USD is currently trading with a slight bullish bias. the pair traded long for the better parts of yesterday's intraday and even crossed and closed above key resistant level. We are waiting for the price to bounce off from the resistive upper trendline forming the wage before we can go short. In the meantime we remain long. Traders trading this pair should also observe other positively correlated pairs such as AUD/CAD, AUD/HKD and AUD/USD for similar price movements. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain long in the meantime and sell from the upper resistive trendline. In an alternative scenario, should the price close below 1.52067, then short positions will be ideal for trading

Bob Stan
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