empty
 
 
02.12.2015 11:52 PM
Daily analysis of GBP/USD for December 03, 2015

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.

This image is no longer relevant

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.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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