Daily GBP USD Technical Analysis 28th November, 2016

GBP USD Technical Analysis 28th November, 2016

GBP USD Technical Analysis 28th November, 2016

Technical Analysis Overview

Prev. Close      1.2475

Open               1.2464

Day’s Range   1.2454 – 1.2532

52 wk Range   1.1450 – 1.5240

1-Year Return -17.06%


Technical Support and Resistance

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2478. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2476 and 1.2473. On the other side the market has immediate resistance at 1.2484. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2486 and 1.2489.

Expected trading range for today is between 1.2454 supports and 1.2532 resistances.

This morning has seen some serious USD weakening on the back of news on Friday evening that the Democrats are going to challenge the results of the US elections from the state of Michigan.

Looking ahead to today, we do not have any economic news being released from the US or the UK but we have the traders in the US returning from their Thanksgiving holidays which would add to the liquidity and the volatility in the markets. We advice traders of this pair to look for strong support regions to go long on this pair with tight stop losses, during the course of the day as the USD weakness is likely to dominate today.

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