Daily analysis of GBP/USD for November 02, 2017

The price action in the GBP/USD pair remains in favor of the bulls temporarily, despite it has been trapped in a narrow range across the board. The resistance zone of 1.3309 is providing a solid barrier for the bulls and if it manages to pull back around that area, further declines are expected towards the 200 SMA on the H1 chart, around 1.3200.

H1 chart’s resistance levels: 1.3309 / 1.3437

H1 chart’s support levels: 1.3161 / 1.3037

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3161, take profit is at 1.3037 and stop loss is at 1.3282.

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