FX.co ★ Technical analysis of GBP/USD for November 5, 2015

Overview:

• According to the previous events, the GBP/USD pair is still moving below the golden ratio of the 1.5399 price. So, the pair is representing a minor resistance on the H1 chart. Therefore, sell at the level of 1.5399 with the first target at the 1.5340 price, then it will call for a downtrend in order to continue with its bearish movement towards 1.5290 in order to test this strong support. Besides, the price of 1.5290 is forming a double bottom at the same time frame. Nevertheless, the stop loss should be placed at the level of 1.5435. On the other hand, if the trend fails to close below the level of 1.5290, it will be a good sign to buy at this level in the short term with targets at 1.5350. Then it is going to continue towards the 1.5400 price tomorrow.

Intraday technical levels:

• Projected high: 1.5562
• Breakout (buy stop): 1.5435
• Strong resistance (sell limit): 1.5400
• Current pivot: 1.5369
• Strong support (buy limit): 1.5290
• Breakout (sell stop): 1.5266
• Projected low: 1.5201