On the daily chart, the GBP/USD pair continues to weaken. Now, this pair has touched new historical lows at the support level of 1.5642. If the pair manages to consolidate below that level, GBP/USD will have free space to fall to the support level of 1.5506. There is still a lot of bearish force in the GBP/USD pair because the MACD indicator remains in the negative territory.
Daily chart's resistance levels: 1.5746 / 1.5883
Dailychart's support levels: 1.5642 / 1.5506
The GBP/USD pair has made a rebound at the support level of 1.5590, because this pair is again trying to make a breakout at the resistance level of 1.5686. If successful, it is expected to go up to the resistance level of 1.5739 in the short term. The SMA 200 is located above the 1.5810 level in the H1 chart. The MACD indicator remains in the positive territory.
H1 chart's resistance levels: 1.5686 / 1.5739
H1 chart's support levels: 1.5632 / 1.5590
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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.
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 17, 2014 . Thanks for your support.
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