16.12.201500:40 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 16, 2015

Long-term review

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The cable is still looking for an opportunity to break out the support level of 1.5032 in the H1 chart, as the pair is trading below the 200 SMA. However, a rebound cannot be discarded at this stage yet, because of current strength of the support level. If that happens, we should see a rally towards the resistance level of 1.5122. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.5079 / 1.5122

H1 chart's support levels: 1.5032 / 1.4962

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 1.5079, take profit is at 1.5122, and stop loss is at 1.5036.

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