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Daily analysis of GBP/USD for November 21, 2016

The pair is looking for further weakness during this week, as we already seen a bearish consolidation below the 200 SMA on H1 chart. Currently, GBP/USD is finding demand around the 1.2308 level across the board and that should produce some corrective moves before to resume the downside. If we see a breakout below that area, then we can expect a decline towards the 1.2254 level, while a breakout higher at the 1.2427 area, then it can rally to the 1.2516 level.

1479669413_GBPUSDH1.png

H1 chart's resistance levels: 1.2427 / 1.2516

H1 chart's support levels: 1.2306 / 1.2254

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2427, take profit is at 1.2516 and stop loss is at 1.2340.

The material has been provided by InstaForex Company - www.instaforex.com