The GBP/USD pair found strong resistance at the 1.5883 level, because this pair is trying to perform corrective movements. The bearish trend could extend to the level of 1.5746 support in the medium term. However, the weakness of this pair could last for several more days due to the fact that GBP/USD still remains below the 200 SMA and MACD indicator remains in the negative territory.
Daily chart's resistance levels: 1.5883 / 1.6046
Dailychart's support levels: 1.5746 / 1.5642
During the Asian session yesterday, the GBP/USD pair record some gains above the 1.5871 level. Some hours later, the pair made a pullback to the 1.5910 level. Now, the GBP/USD is trying to fall back to the support level of 1.5810 in the H1 chart. If the pair manages to make a breakout at that level, the next target would be the level of 1.5739.
H1 chart's resistance levels: 1.5871 / 1.5925
H1 chart's support levels: 1.5810 / 1.5739
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5810, take profit is at 1.5739, and stop loss is at 1.5881.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for November 11, 2014 . Thanks for your support.
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