FXCC | GBPUSD Daily Technical Strategies 23.11.2015 http://goo.gl/XfSGYp

FXCC | GBPUSD Daily Technical Strategies 23.11.2015

Basic Characteristics of GBP/USD trading

GBP/USD trading

The GBP which is also referred to as Cable, the British Pound or even pound sterling, tends to trade at a wider range during the day. The GBP/USD is renowned as the most erratic and volatile currency pair as it is not unusual to see false alarms and unpredictable movements. Having unforeseeable changes in its price is the major attraction for experiences traders along with a very challenging investment for beginners.
The use of Technical Analysis and of the fundamental news coming from the United Kingdom and the U.S. are common grounds to trading the pair in an informed manner that helps you increase your chances of profitability. There are a couple of good tips you need to consider when you choose trading GBP/USD. Building a definitely good trading strategy is based on always keeping yourself abreast to news of both economies especially to identify and observe unexpected economic news releases which may cause erratic behaviour in this pair’s market price.

23/11/2015

GBPUSD HIGH 1.51956 LOW 1.51572 BID 1.51678 ASK 1.51687 CHANGE 0% TIME 09:10:01

OUTLOOK SUMMARY Down TREND CONDITION Downward penetration TRADERS SENTIMENT Bullish IMPLIED VOLATILITY Low

Upwards scenario: Downtrend formation remains strong on the medium-term perspective, however upside progress is possible today. Loss of resistance at 1.5191 (R1) is required to open path towards to higher target at 1.5208 (R2) and then final aim is seen at 1.5225 (R3) today. Downwards scenario: Recently created local low at 1.5156 (S1) suggest an important support level. Break here is required to open way towards to our lower targets at 1.5138 (S2) and 1.5121 (S3) in potential. Resistance Levels: 1.5191, 1.5208, 1.5225 Support Levels: 1.5156, 1.5138, 1.5121