Daily analysis of GBP/USD for December 06, 2017

GBP/USD erased some of yesterday's gains and it's now being supported by the 200 SMA at H1 chart. Such moving average could provide dynamic support across the board and if it manages to rebound around that area, we can expect an advance towards the resistance level of 1.3541, at which a breakout should expose the 1.3612 level.


H1 chart's resistance levels: 1.3541 / 1.3612

H1 chart's support levels: 1.3437 / 1.3303

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 1.3541, take profit is at 1.3612 and stop loss is at 1.3466.

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