Daily analysis of GBP/USD for December 04, 2015
The cable has been moving on a strong bullish bias after a strong bottom was found around the psychological level of 1.4900 during Thursday's session in the ECB's meeting aftermath. Currently, the pair is doing a consolidation above the 200 SMA on the H1 chart. It is possible to see a higher high pattern formation in coming days. The MACD indicator is reaching overbought conditions.
H1 chart's resistance levels: 1.5177 / 1.5219
H1 chart's support levels: 1.5122 / 1.5031
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 found at 1.5122, take profit is at 1.5031, and stop loss is at 1.5219.
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