GBPUSD Technical Analysis For 4th November 2015 | 04 November 2015
04 November 2015, GBP/USD
Technical View:
GBP/USD is currently trading with a slight bearish bias. On the daily Chart, the pair made movements both sides but had a very small movement from its opening price. Nonetheless, we still expect further upward movements probably up to the resistive trend line before we can go fully short. Traders trading this pair should observe other pairs such as GBP/HKD and EUR/USD for positive correlation. These pairs had a strong positive correlation of up to +0.95, they are thus expected to move in the same direction. On buy or sell GBP/USD if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Sell along the upper trend line, but with stops at 1.5366, and the next stop at 1.5238. Sell positions can also be executed should the price go below 1.5366.
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