Daily analysis of GBP/USD for December 20, 2017

GBP/USD is finding dynamic resistance once again in the 200 SMA at the H1 chart. The next target to the upside still lies at 1.3444, as the bears are trying to push lower to the pair. Fractals are indicating a possible bullish continuation and if it manages to consolidate above 1.3444, it's expected to test the 1.3516 level.


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