Daily analysis of GBP/USD for November 06, 2017

GBP/USD is currently forming a bearish pattern on the H1 chart below the 200 SMA. The support level of 1.3037 is helping to give a short-lived boost to the pair across the board, but if it gives up, then we might expect another leg lower towards the 1.2880 level. To the upside, the nearest resistance lies at 1.3201.

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, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit lies at 1.2880 and stop loss is found at 1.3193.

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