FX.co ★ Daily analysis of GBP/USD for December 09, 2016

GBP/USD is still finding a demand zone around 1.2551, while it still hovers below the 200 SMA at H1 chart. The pair can attempt a rebound to resume the overall bullish structure, but if that support mentioned above gives up, we can expect a downside continuation toward the 1.2430 level. MACD indicator is oversold and it could favor further rebounds.

H1 chart's resistance levels: 1.2653 / 1.2763

H1 chart's support levels: 1.2551 / 1.2430

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2653, take profit is at 1.2763and stop loss is at 1.2543.