Daily analysis of GBP/USD for December 22, 2016

Source: Forex Analysis

GBP/USD is still supported by the 1.2327 level, where a demand area
is placed across the board. Currently, the cable is poised to
continue moving in the downside bias, but corrective moves are still
expected, at least towards 1.2462, where a 200 SMA on the H1 chart is
placed. However, if the pair manages to break below the 1.2327 level,
then it can test the 1.2249 zone.


H1 chart’s resistance
levels: 1.2397 / 1.2462

H1 chart’s support levels:
1.2327 / 1.2249

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 1.2327, take profit is at 1.2249
and stop loss is at 1.2407.

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