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Daily analysis of GBP/USD for December 15, 2014

The GBP/USD pair is trying to stay solid in the bullish trend, next to the 200-day moving average. This pair is likely to reach the resistance level of 1.5811 this week, but we must be aware of a possible breakout at the support level of 1.5698, which would open the way for the pair to fall to the level of 1.5589.


H4 chart's resistance levels: 1.5825 / 1.5874


H4chart's support levels: 1.5698 / 1.5589


GBPUSDH4.png


At the H1 chart, GBP/USD continues moving in a low range above the support level of 1.5686, where the pair has formed several fractals. The resistance level of 1.5739 remains the strongest area of supply, so that if the GBP/USD takes a breakout at that level, it would be expected to rise to the level of 1.5810. The MACD indicator is moving into the positive territory.


H1 chart's resistance levels: 1.5739 / 1.5810


H1 chart's support levels: 1.5686 / 1.5632


GBPUSDH1.png


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.


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