The GBP/USD is having a bullish momentum at the end of the year, making a consolidation near the resistance level of 1.5642. However, the bearish structure on the daily chart still remains intact, because the GBP/USD still has a high probability of falling back to the support level of 1.5506 and conduct a breakout in that area with the formation of a bearish pattern.
Dailychart's resistance levels: 1.5642 / 1.5746
Dailychart's support levels: 1.5506 / 1.5407
On the H1 chart, GBP/USD has made a breakout at the level of 1.5590, so that the next short-term target in the for this pair would be the resistance level of 1.5632. This bullish move time can not be considered as a possible trend change in the GBP/USD, because this pair currently does not have enough bullish momentum.
H1 chart's resistance levels: 1.5632 / 1.5686
H1 chart's support levels: 1.5590 / 1.5534
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 1.5590, take profit is at 1.5534, and stop loss is at 1.5646.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for December 31, 2014 . Thanks for your support.
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