Daily GBP USD Technical Analysis 14th November, 2016

GBP/USD Technical Analysis

GBP USD Technical Analysis

Technical Analysis Overview:

Prev. Close      1.2593
Open               1.2571

Day’s Range   1.2510 – 1.2593

52 wk Range   1.1450 – 1.5336

1-Year Return – 17.61%


Technical Support and Resistance:

Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2573 below which 1.2571 and 1.2568 could be tested.

On the other side the immediate resistance 1.2579. A break beyond the last, doors will open for a test of 1.2581 and from there to 1.2584.

The GBPUSD pair retests 1.2550 level that turns into support after breaching it previously, accompanied by stochastic getting rid of its negativity clearly heading towards the oversold areas, while the EMA50 continues to provide the positive support to the price.

Therefore, these factors encourage us to suggest more rise in the upcoming sessions, waiting to visit 1.2720 level as a next main target, noting that breaking 1.2550 level will form the first key to the attempts to return to the main bearish trend and stop the current bullish correction.

Expected trading range for today is between 1.2510 support and 1.2593 resistance.

Today there is no major news to be released from the UK or the US during the course of the day and hence we can expect the pair to consolidate during the day with a bullish bias above 1.2500.

 Upcoming Important Economic News: (GMT +3)

  1.  GBP – RICS House Price Balance at 3.00 am