InstaForex - Analytics

InstaForex

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Daily analysis of GBP/USD for December 09, 2015

The GBP/USD pair is currently trading in a weak mode above the support level of 1.4996, where a breakout to the downside can happen to test the level of 1.4915. The cable is doing a consolidation below the 200 SMA on the H1 chart, which is also pointing to the downside. The structure is calling for more declines in a short-term basis. The MACD indicator is entering the positive territory.

GBPUSDH1.png

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H1 chart's resistance levels: 1.5072 / 1.5122

H1 chart's support levels: 1.4996 / 1.4915

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 found at 1.4996, take profit is at 1.4915, and stop loss is at 1.5079.



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