Trading Conditions
Products
Tools
The GBP/USD pair has been making sharp declines in the last weeks of the year, because this pair has tried to make a breakout at the support level of 1.5506. For now, the odds are high that the GBP/USD pair will continue strengthening the bearish bias on the daily chart, although a possible rebound to the current levels is not ruled out.
Dailychart's resistance levels: 1.5642 / 1.5746
Dailychart's support levels: 1.5506 / 1.5407
On the H1 chart, the GBP/USD pair is trying to form a bearish pattern below the resistance level of 1.5534. For now, movements in a range of this pair might suggest that GBP/USD is trying to continue the bearish trend for several days and this could be checked with a breakout at the level of 1.5501, which would open the way for the GBP/USD pair to fall to the level of 1.5460.
H1 chart's resistance levels: 1.5534 / 1.5590
H1 chart's support levels: 1.5501 / 1.5460
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 at 1.5501, take profit is at 1.5460, and stop loss is at 1.5543.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.