Daily analysis of GBP/USD for December 29, 2015

The pair faced strong resistance at the level of 1.4918, which is very close to the 200 SMA in the H1 chart. This time frame is showing us a downside bias that can get another bearish momentum when the GBP/USD pair achieves in breaking the support level of 1.4802 and that will open the doors to 1.4702 in the short term. The MACD indicator remains
at the negative territory.


H1 chart’s resistance
levels: 1.4918 / 1.4999

H1 chart’s support levels:
1.4802 / 1.4702

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 1.4802, take profit is at
1.4702, and stop loss is at 1.4908.

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