The GBP/USD pair did a pullback around the level of 1.5120, where the 200 SMA is located on the H1 chart, so the current structure is still calling for more downsides. There is a lower low pattern formation below the resistance level of 1.5100. A breakout below the level of 1.5062 will expose the pair to test the next support at the level of 1.5031. The MACD indicator is at the negative territory.
H1 chart's resistance levels: 1.5100 / 1.5120
H1 chart's support levels: 1.5062 / 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 1.5062, take profit is at 1.5031, and stop loss is at 1.5092.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for December 02, 2015 . Thanks for your support.
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