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Daily analysis of GBP/USD for December 16, 2015

The cable is still looking for an opportunity to break out the support level of 1.5032 in the H1 chart, as the pair is trading below the 200 SMA. However, a rebound cannot be discarded at this stage yet, because of current strength of the support level. If that happens, we should see a rally towards the resistance level of 1.5122. The MACD indicator is at the negative territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.5079 / 1.5122

H1 chart's support levels: 1.5032 / 1.4962

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5079, take profit is at 1.5122, and stop loss is at 1.5036.

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