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14.12.201522:09 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 15, 2015

Long-term review

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On the H1 chart, the GBP/USD pair is finding dynamic support above the 200 SMA, which is close to the support zone of 1.5122. That's why we would like to see a rebound in coming days, as the GBP/USD pair remains alive with a short-term bullish bias. However, a breakout below the level of 1.5079 will invalidate that scenario. The MACD indicator is oversold.

H1 chart's resistance levels: 1.5181 / 1.5238

H1 chart's support levels: 1.5122 / 1.5079

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 1.5238, and stop loss is at 1.5125.

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