10.12.201523:43 Forex Analysis & Reviews: Daily analysis of GBP/USD for December 11, 2015

Long-term review

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On the H1 chart, GBP/USD has been moving in a sideways bias below the resistance level of 1.5181. We should expect another pullback to test again the support level of 1.5122, where a rebound can happen to resume the higher move towards the level of 1.5238 in a short-term basis. The 200 SMA is currently favoring this scenario, but the MACD indicator is trapped at the negative 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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