GBP/USD made a rebound around the 200 SMA price zone on H1 chart. Now it's trying to break again the support level of 1.5415. It seems there is a bullish consolidation ongoing, because the current structure is still calling for more upsides. However, if the Cable does a breakout at the 1.5368 level, then it's expected to test the 1.5300 psychological level in the short term. MACD indicator is still on the positive territory.
H1 chart's resistance levels: 1.5461 / 1.5492
H1 chart's support levels: 1.5415 / 1.5368
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 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for November 04, 2015 . Thanks for your support.
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