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09.12.201523:11 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 10, 2015

Long-term review

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We have seen huge bullish momentum gained by the GBP/USD pair during Wednesday's session, as the pair is currently doing a consolidation above the 200 SMA on the H1 chart. We should expect a breakout above the resistance zone of 1.5181 in order to see a further advance towards the next obstacle for buyers around the level of 1.5239, of course after a higher high pattern formation finishes. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 1.5181 / 1.5239

H1 chart's support levels: 1.5122 / 1.5072

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5181, take profit is at 1.5239, and stop loss is at 1.5124.

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