empty
 
 
26.12.2014 05:51 AM
Daily analysis of GBP/USD for December 26, 2014

On the H4 chart, the GBP/USD pair is trying to consolidate back above the support level of 1.5541 and next to the current levels. This pair has formed a fractal, which has allowed the GBP/USD pair to form a bearish pattern to continue falling. However, GBP/USD may perform a retracement until the resistance level of 1.5589. The MACD indicator is moving into the positive territory.

H4 chart's resistance levels: 1.5589 / 1.5698

H4chart's support levels: 1.5541 / 1.5512

This image is no longer relevant

During the meeting of December 24, GBP/USD made a breakout at the level of 1.5534, because this pair is trying to climb to the resistance level of 1.5590 in the short term. For now, the bearish bias still remains intact and the GBP/USD pair could try to consolidate back below the 1.5534 level to strengthen the bearish road. The MACD indicator is entering the overbought area.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

This image is no longer relevant

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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback