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.

GBPUSDH1.png

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