Daily analysis of GBP/USD for December 18, 2017

GBP/USD plummeted strongly during Friday's session and tested December 12th lows. Following the sharp decline, the pair entered in a consolidation phase that could allow a lower low pattern formation across the board, which should deliver further losses in the pair. If it manages to break below 1.3303, the next step should be the 1.3234 level to overcome.

GBPUSDH1.png

H1 chart's resistance levels: 1.3444 / 1.3516

H1 chart's support levels: 1.3303 / 1.3234

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 1.3444, take profit is at 1.3516 and stop loss is at 1.3372.

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