FX.co ★ GBPUSD: Daily analysis for November 28, 2013

Daily chart: The GBPUSD continues to strengthen its current bullish trend and now this is going up towards resistance level at 1.6326. For now, this pair is showing overbought levels, but it makes a breakout at 1.6326 level, it's expected to rise to the level of 1.6447. On the other hand, it's expected to fall to the level of 1.6235 if the pair takes a bearish rebound to current levels. The MACD indicator is still in positive territory.

H4 chart: This pair is consolidating above the bullish trend near the 1.6300 level. If this pair manages to break the resistance level at 1.6345, it's expected to rise to the level of 1.6465. On the other hand, it's expected to fall to the level of 1.6262, if the pair takes a bearish rebound to current levels. The MACD indicator is still in positive territory.

H1 chart: This pair continues forming a lower high pattern below resistance at 1.6331 level. If the pair manages to break that level, it is expected to rise to the level of 1.6375 . Moreover, if this pair does break the support at the level of 1.6291, it is expected to fall to the level of 1.6252. For now, this pair remains very bullish, so we recommend that you follow the primary trend. The MACD indicator remains in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6331, take profit is at 1.6375, and stop loss is at 1.6286.