Technical analysis of GBP/USD for November 9, 2014 Market Analysis Review

The weekly technical analysis of the GBP/USD pair:

Overview:

• The The GBP/USD pair is expected to face strong resistance at the level of 1.5192, and support is seen at 1.48487 this week. Equally important, the price has still been trading around the key level of 1.5084 since morning. Moreover, the GBP/USD pair is still below 38.2% of Fibonacci retracement levels since June 4, 2014. The RSI calls for a downtrend. As a result, the price has already formed the strong resistance at the spot of 1.5192 approaching it in order to test this level in coming hours. Therefore, the GBP/USD pair will get downside momentum rather convincing and the fall is unlikely to be corrective to indicating a bearish opportunity below the level of 1.5192 for that sell below 1.5192 with the first target at 1.5026 (this level is coinciding with the daily double bottom). It will call for a downtrend to continue a bearish movement towards 1.4890 (the weekly support 1).

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