FX.co ★ GBPUSD: Daily analysis for November 11, 2013

Daily chart: The GBPUSD pair performed a bearish rebound above the resistance level at 1.6046 and now, this pair is falling below that level, aiming towards the support at the level of 1.5883. However, it is likely that this pair will continue forming a bullish pattern to break again in the resistance level at 1.6046. If successful, it is expected to rise to the level of 1.6146. The MACD indicator remains in negative territory.

H4 chart: This pair is trying to make a bullish rebound on the moving average of 200 and the support at the 1.6004 level. If the pair manages to break that level, it is expected to fall to the level of 1.5895. On the other hand, it is very likely that this pair up again to the resistance level of 1.6095, but we must be cautious. The MACD indicator remains in negative territory.

H1 chart: The GBPUSD pair is forming a higher low pattern below the resistance at the 1.6031 level, after it finds resistance near the 1.6075 level. If this pair breaks the support at the level of 1.5980, it is expected to drop to the level of 1.5925. On the other hand, if the pair breaks the resistance level at 1.6031, it is expected to rise to the level of 1.6075. The MACD indicator is in extreme oversold zone and entering positive territory.

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 1.5980, take profit is at 1.5925, and stop loss is at 1.6034.