FX.co ★ Technical analysis of GBP/USD for November 13, 2015

Overview:

• The rGBP/USD pair is is trading in a range between 1.5258 and 1.5112 this week. In addition, the GBP/USD pair hit the weekly resistance 1 and the pivot point. As a result, the market was in an uptrend. Strong support was found at the level of 1.5098. It should be noted that the support coincides with a ratio of 11.8% Fibonacci retracement levels and represents minor support in the H1 chart. So, the level of 1.5098 acts as the key level to confirm the bullish market. For that reason, the market will probably indicate the bullish opportunity at the level of 1.5100, which will act as support. Therefore, buy above 1.5135 with the first target at 1.5260. Also, in case of a breakout, the trend is going to continue towards the level of 1.5302 in order to form the double top.

Intraday technical levels:

Date 13/11/2015

Pair: GBP/USD

• R3: 1.5331
• R2: 1.5288
• R1: 1.5259
• PP: 1.5216
• S1: 1.5187
• S2: 1.5144
• S3: 1.5115