Daily analysis of GBP/USD for November 23, 2016

Source: Forex Analysis

The pair trimmed its Monday’s gains and now we can see a
consolidation below the 200 SMA once again,while the resistance zone
of 1.2516 is still being respected during the week. A breakout below
the support area of 1.2396 should push lower to the GBP/USD pair in
order to reach the next demand zone around 1.2361. MACD indicator is
supporting that bearish scenario.

GBPUSDH1.png

H1 chart’s resistance
levels: 1.2451 / 1.2516

H1 chart’s support levels:
1.2396 / 1.2361

Trading recommendations for today: Based on the H1 chart,
buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.2451, take profit is at
1.2516 and stop loss is at 1.2386.

The material has been provided by InstaForex Company – www.instaforex.com