FX.co ★ Technical analysis of GBP/USD for November 26, 2015

Overview:

• The GBP/USD pair probably will move between the levels of 1.5053 and 1.5194, because the trend has rebounded from the spot of 1.5053/1.5060 yesterday and closed at the price of 1.5115 (it does mean that the range was more than 62 pips). Hence, the pair will probably go upward because the bullish trend is still strong from the area of 1.5053 and 1.5100. The resistance is set at the level of 1.5225 which coincides with the ratio of 61.8% of Fibonacci retracement levels on H1 chart. Consequently, the market will indicate a bullish opportunity above 1.5100 again, because the level of 1.5100 is going to act as a minor support today. Accordingly, it will be a good idea to buy above this level today with the first target at 1.5161 in order to test the daily pivot point and continues further up to the levels of 1.5194 and 1.5225. Moreover, if the trend succeeds to close below 1.5100 on the H4 chart, then the market will be developing in a downtrend below the daily support level towards the level of 1.5053 and 1.5012. However, the stop loss should be placed below 1.5005.