24.12.201501:37 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 24, 2015

Long-term review

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GBP/USD managed to regain some losses during the start of this Christmas week and now we can see a bullish consolidation above the support level of 1.4852. A rally is expected to test again the 200 SMA on H1 chart. Around that zone, we should expect a pullback to resume the overall bearish bias. MACD indicator is entering the negative territory.

H1 chart's resistance levels: 1.4918 / 1.4999

H1 chart's support levels: 1.4852 / 1.4802

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 1.4852, take profit is at 1.4802, and stop loss is at 1.4902.

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