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Daily analysis of GBP/USD for December 13, 2016

The pair gained a strong bullish momentum during Monday's session, consolidating above the 1.2650 level across the board, following a dynamic support provided by the 200 SMA on H1 chart. If GBP/USD manages to break above the key area of 1.2700, it should reach the highs from December 6th, but the bullish bias is still limited below that zone.

1481573615_GBPUSDH1.png

H1 chart's resistance levels: 1.2700 / 1.2763

H1 chart's support levels: 1.2613 / 1.2551

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.

The material has been provided by InstaForex Company - www.instaforex.com