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GBPUSD Technical Analysis For 2nd December 2015

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

02 December 2015, GBP/USD

GBPUSD Technical Analysis For 2nd December 2015
Technical Analysis:
GBPUSD is currently trading with a slight bearish bias. The pair traded long as previously forecasted but ended up forming an exhaustion on the daily chart, with the price closing just below a key level 1.50815. This is a key level, and crossing and closing above it would mean further movements towards 1.5124. In the meantime we are short as long as prices trades below it, with targets at 1.5030, and the next target at 1.4992. Traders trading this pair should observe other pairs such as GBP/HKD for positive correlation, and USD/CAD for strong negative correlation.

Trade Recommendations:

Remain short as long as prices trades below 1.50815, with targets at 1.5030, and the next target at 1.4992.

Bob Stan
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