Daily analysis of GBP/USD for November 10, 2017

The outlook for GBP/USD remains bearish, as the moving average in the H1 chart is still above current price across the board. Nearest support lies at the 1.3037 level, which should give up to tbe bears' action in order to test the 1.2880 level. MACD indicator is slightly bearish and favoring to the bears in the short-term at least.

GBPUSDH1.png

H1 chart's resistance levels: 1.3201 / 1.3309

H1 chart's support levels: 1.3037 / 1.2880

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2880 and stop loss is at 1.3193.

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