Daily analysis of GBP/USD for December 08, 2017

GBP/USD remains in a bearish corrective move below the 200 SMA at H1 chart and the closest support lies at 1.3303. If the pair manages to break it, then we would expect another leg lower to test November 28th lows around 1.3228. However, if it manages to break Wednesday's highs, the next hurdle should be the 1.3541 level.


H1 chart's resistance levels: 1.3417 / 1.3541

H1 chart's support levels: 1.3303 / 1.3228

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 1.3417, take profit is at 1.3541 and stop loss is at 1.3298.

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