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Daily analysis of GBP/USD for December 22, 2016

GBP/USD is still supported by the 1.2327 level, where a demand area is placed across the board. Currently, the cable is poised to continue moving in the downside bias, but corrective moves are still expected, at least towards 1.2462, where a 200 SMA on the H1 chart is placed. However, if the pair manages to break below the 1.2327 level, then it can test the 1.2249 zone.

GBPUSDH1.png

H1 chart's resistance levels: 1.2397 / 1.2462

H1 chart's support levels: 1.2327 / 1.2249

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 1.2327, take profit is at 1.2249 and stop loss is at 1.2407.

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