Daily analysis of GBP/USD for December 30, 2015

On the H1 chart, GBP/USD has been finding strong support at the level of 1.4802 and yesterday’s decline failed to succeed in breaking that zone to the downside. However, an overall bias remains bearish, as the cable is performing a good consolidation below the 200 SMA in this time frame, but be aware of a possible double bottom pattern formation


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