Daily analysis of GBP/USD for November 18, 2014



The GBP/USD pair continues to find support on the bearish trend line at the level of 1.5635, which is prompting the pair to strengthen the current bearish trend on H4 chart. However, the GBP/USD pair could form a double bottom pattern to rise again to the resistance level of 1.5698. The aforesaid movement may be a corrective move in favor of the bearish trend and the following objective remains at the support level of 1.5512. The MACD indicator remains in the positive territory.
H4chart's resistance levels: 1.5698 / 1.5811
H4chart's support levels: 1.5600 / 1.5512


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