GBPUSD is facing key resistance – Technical Analysis – 16-11-2015

The GBPUSD pair rose recently to test the critical resistance at 1.5247, this level represents 50% Fibonacci of the medium term bullish wave measured from 1.4565 to 1.5930, accompanied by retesting the previously broken bullish trend line, besides forming negative divergence on stochastic, and witnessing reversal candlestick formed at this critical resistance.

Therefore, we expect the price to return to decline in the coming trading as long as 1.5247 level remains intact, targeting 1.5086 support that represents 61.8% Fibonacci level.