GBPUSD Daily Analysis – November 7, 2016

GBPUSD’s upward movement from 1.2082 extended to as high as 1.2557. Further rise is still possible after a minor consolidation, and next target would be at 1.2650 area. Key support is at 1.2330, only break below this level will indicate that the upward movement from 1.1946 had completed at 1.2557 already, then the following downward movement could bring price back to test 1.1946 previous low support.

gbpusd chart