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29.12.201623:40 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 30, 2016

Long-term review

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The pair is headed to close the year above the 1.2185 demand zone, following a recovery's session on Thursday. Currently, GBP/USD is trying to reach the 200 SMA at H1 chart and if it manages to break above the 1.2300 handle, then that scenario is likely to happen in the short-term. However, that moving average should be acting as dynamic resistance.

H1 chart's resistance levels: 1.2250 / 1.2317

H1 chart's support levels: 1.2185 / 1.2121

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2185, take profit is at 1.2121 and stop loss is at 1.2250.

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