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28.12.201720:10 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 29, 2017

Long-term review

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The pair is facing strong resistance around 1.3444 and looking forward to reaching new highs. There is also a higher high pattern formation across the board which should deliver more bullish moves. If GBP/USD manages to break above that resistance, then the next target should be the 1.3516 level. MACD indicator is entering the negative territory, calling for corrective moves.

H1 chart's resistance levels: 1.3444 / 1.3516

H1 chart's support levels: 1.3303 / 1.3234

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3444, take profit is at 1.3516 and stop loss is at 1.3372.

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