Technical analysis of the currency pair GBP/USD on 29/11/2016. The daily chart
General analysis.
Despite total rush of all basic quotes British Pound continues to trade in a narrow range and slowly but surely continues to strengthen its position against the US dollar.
Last week closed with a parity for GBP/USD currency pair and now there is the consolidation of the price near to the level 1.2450.
The nearest support level is located at 1.2340. Price has been repulsed from this level several times over the last two weeks and now again approaching to it.
The RSI is in the neutral zone and does not provide any essential signals.
The MACD shows movement above the zero line and continues to rise, confirming the presence of the upward trend on the chart.
Next few days
In the next few days we expect the resumption of growth in the currency pair GBP/USD with testing of the resistance level 1.2650.
We recommend to open long at the beginning of the upward movement from 1.2650 level and upon receipt of confirmation of rebound.
Order stop-loss exhibited by 20-30 points below the support level of 1.2340.
