GBP/USD ended last week within the demand zone of 1.2551, looking for bullish momentum to resume the overall bias. However, as we noticed during December 6th session, the Cable plunged to strengthen the bearish structure. If we see a breakout below the 1.2551 level, price is expected to reach the 1.2430 level, which should invalidate the bullish bias in the short term.
H1 chart's resistance levels: 1.2653 / 1.2763
H1 chart's support levels: 1.2551 / 1.2430
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 1.2653, take profit is at 1.2763and stop loss is at 1.2543.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2gr25kK
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