The pair had a very bullish day during Wednesday, as the Pound is
waiting for the BoE meeting on Thursday. At a technical view, GBP/USD
is trying to break higher the resistance level of 1.2310, where the
bulls may get some momentum to rally towards the 1.2427 level. The
200 SMA at H1 chart could provide a dynamic support, but if BoE has
dovish words in the meeting, then we can expect a decline to test the
1.2155 level.
H1 chart’s resistance
levels: 1.2310 / 1.2427
H1 chart’s support levels:
1.2229 / 1.2155
Trading recommendations for today: Based on the H1 chart,
sell (short) orders only if the GBP/USD pair breaks a bearish
candlestick; the support level is at 1.2229, take profit is at 1.2155
and stop loss is at 1.2299.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for November 03, 2016 appeared first on forex-analytics.press.