Daily analysis of GBP/USD for November 20, 2017

GBP/USD is finding dynamic support around the 200 SMA zone and it's looking to test fresh highs across the board. However, bears are still trying to push lower to the pair, and it's something that is feasible at this point because a pullback should push it towards the support level of 1.3037. To the upside, the nearest resistance lies at 1.3309.


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