Daily analysis of GBP/USD for December 07, 2017

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The pair is consolidating its price action below the 200 SMA and looks forward to testing the support zone of 1.3303. The bulls are losing steam and that’s why we would like to see more declines in the short-term. However, as long as the critical level of 1.3300 holds, GBP/USD is expected to re-test December 1st highs.

H1 chart’s resistance levels: 1.3541 / 1.3612

H1 chart’s support levels: 1.3437 / 1.3303

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3541, take profit is at 1.3612 and stop loss is at 1.3466.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/USD for December 07, 2017

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