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07.11.2016 10:05 PM
Daily analysis of GBP/USD for November 08, 2016

GBP/USD is correcting from Friday highs, as the US presidential elections will take place today and markets are looking to price further scenarios that this political event could bring to the global economy. For now, Cable is approaching to the 200 SMA at H1 chart, around 1.2335, where the pair may gain some momentum in order to resume the overall bullish bias towards the 1.2482 level.

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H1 chart's resistance levels: 1.2413 / 1.2482

H1 chart's support levels: 1.2335 / 1.2262

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2413, take profit is at 1.2482 and stop loss is at 1.2343.

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