GBPUSD Technical Analysis For 23rd November 2015 | 23 November 2015
23 November 2015, GBP/USD
Technical View:
GBPUSD is currently trading with slight bearish bias. The pair bounced off from the zone 1.5299, and 1.5265 and headed short as previously forecasted but is likely going to be short-lived. On the 4H chart, on 6th Novemeber, while the price was trading at 1.5038, the intraday stochastic was trading at 3.9061, we expected both the price and the indicator to get back to the same levels at the exact same times, however, as it appears, The intraday stochastic is already trading almost along 3.9061, while the price is still 1436 pips away from its previous level, which means the price will change direction upon reaching the next closest support. 1.5157, or even lower to 1.5121. We are waiting for a similar opposite scenario in GBP/HKD since these pairs are strongly positively correlated. and are thus expected to move in a similar direction.
Trade Recommendations:
Go long from 1.5265, with SL at 1.5086 or go above it should a very bullish candle show up.
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