Daily analysis of GBP/USD for November 24, 2015

The pair is extending losses below the 200 SMA, as we can see on the H1 chart. Currently, the support level of 1.5100 should be challenged in order to reach another low towards the zone of 1.5062. This moving average is also pointing to the downside, so bears are still getting favored by the main bias. The MACD indicator is reaching the neutral territory and that is why we should be aware of future sideways short-term moves.

H1 chart's resistance levels: 1.5142 / 1.5205
H1 chart's support levels: 1.5100 / 1.5062

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 found at 1.5100, take profit is at 1.5062, and stop loss is at 1.5138.

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