Daily analysis of GBP/USD for December 14, 2017

GBP/USD has been looking to break lower below the 1.3303 level, as the 200 SMA continues to cap further gains in the pair across the board. If the pair manages to break below that support area, then the next target should be placed at 1.3227. To the upside, if the moving average gives up, then it's expected to rally towards the 1.3440 level.

1513202644_GBPUSDH1.png

H1 chart's resistance levels: 1.3371 / 1.3440

H1 chart's support levels: 1.3303 / 1.3227

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 1.3303, take profit is at 1.3227 and stop loss is at 1.3374.

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