Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Nov 24 08 09:35 GMT |

GBP/USD 1.4889 GBP/USD Open 1.4916 High 1.5053 Low 1.4712 Close 1.4921 Last Friday the British currency corrected upwards, but growth development could not be achieved. On the weekly chart descendants pressure on the Pound/Dollar is maintained and will remain strong while the British currency remains below 1.6580. On the daily chart the Pound still declines, and the risk of further descending remains high while the pair remains below 1.5120. The currency couple remains within the frames of the short term descending channel. At the same time on the daily chart convergence is formed. Strengthening below 1.4710 would be a signal for the decline of the British currency. Staying above 1.5110 may provoke growth of Pound. Technical resistance levels: 1.4975 1.5055 1.5240 Technical support levels: 1.4850 1.4715 1.4555 Trading range: 1.4875 - 1.4950 Trend: Upward Buy at 1.4889 SL 1.4859 TP 1.4939 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com