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GBPUSD Daily Forecast: November 08

Monday, November 7, 2016 19:31
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(Before It's News)

GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday bottomed at 1.2379. The bias is bearish in nearest term testing 1.2330 support area which is a good place to buy with a tight stop loss. Immediate resistance is seen around 1.2450. A clear break above that area could lead price to neutral zone in nearest term testing 1.2500 or higher. On the downside, a clear break and daily close back below 1.2330 would interrupt the bullish phase testing 1.2220/00 area but only a clear break below 1.2000 key support would cancel the hammer formation (daily chart) bullish correction/reversal scenario.

gbpusdh1

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