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GBPUSD Daily Forecast: November 09

Tuesday, November 8, 2016 18:17
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GBPUSD Forecast
The GBPUSD was indecisive yesterday but overall still able to maintain its bearish intraday bias. The bias remains bearish in nearest term testing 1.2330 support area which remains a good place to buy with a tight stop loss. Immediate resistance remains 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. Fundamental focus will be on the US election result which could create a volatile market.



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