Daily analysis of GBP/USD for November 05, 2015

On H1 chart, there is still a calling downside for GBP/USD, as the pair is trying to break support zone of 1.5368 in an effort to reach the 1.5328 level, which is below the 200 SMA. However, a rebound is expected towards the 1.5415 level in coming hours. By the way, there is a double bottom pattern in formation on H1 chart. MACD indicator is still on the negative territory.

H1 chart's resistance levels: 1.5415 / 1.5461
H1 chart's support levels: 1.5368 / 1.5328
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5368, take profit is at 1.5328, and stop loss is at 1.5409.

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