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Daily GBP USD Technical Analysis 24th November, 2016

GBP USD

GBP USD Technical Analysis 24th November, 2016

Technical Analysis Overview

Prev. Close      1.2439

Open               1.2439

Day’s Range   1.2422 – 1.2441

52 wk Range   1.1450 – 1.5240

1-Year Return -17.60%

Technical Support and Resistance

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2425. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2420 and 1.2416. On the other side the market has immediate resistance at 1.2434. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2438 and 1.2443.

Expected trading range for today is between 1.2422 supports and 1.2441 resistances.

There is not much news from the UK or the US scheduled to be released today and so we can expect some consolidation in this pair with a bullish bias keeping it above 1.2400. There seems to be growing confidence in the pound and with the Brexit process taking its usual course and also taking its own sweet time to come to fruition, the pound has got a brief breather which it is making use of fully.