Daily analysis of GBP/USD for November 03, 2017

The pair was under strong selling pressure during Thursday’s session after the BoE’s interest rate decision. Technically, GBP/USD is trading below the 200 SMA and it’s on the way to test the support level of 1.3037 because the lows from October 27th gave up to the bears’ force. To the upside, a break above 1.3161 should expose the 1.3309 level.

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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