Daily analysis of GBP/USD for December 31, 2015

The GBP/USD pair is currently finding strong support at the level of 1.4802, where buyers remain active on a short-term basis. We are keeping our outlook in a bearish mode, because the cable is already consolidated below the 200 SMA. A breakout below the level of 1.4802 will expose the
next level 1.4702. The MACD indicator is entering the negative territory.

GBPUSDH1.png

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

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