Daily analysis of GBP/USD for November 01, 2016

Despite the recent bullish momentum lived by the Sterling, we're still calling for a bearish scenario in the short term for GBP/USD, as the price action doesn't seem to be in favor of the upside. The resistance level of 1.2310 is still a strong barrier and any pullback at current levels may push lower the pair to test the support level of 1.2155.


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