On the H1 chart, GBP/USD had a strong fall until the support level of 1.492 following a bearish momentum which happened during yesterday's European session. A lower low pattern is expected to hold above that bottom, as the cable needs to perform a rally towards the resistance zone of 1.5002 in coming days, where a pullback can happen for resume the decline. The MACD indicator is reaching oversold conditions.
H1 chart's resistance levels: 1.5002 / 1.5031
H1 chart's support levels: 1.4926 / 1.4865
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 1.4926, take profit is at 1.4865, and stop loss is at 1.4986.
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 03, 2015 . Thanks for your support.
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