FX.co ★ Daily analysis of GBP/USD for December 01, 2015

On the H1 chart, GBP/USD found a temporary bottom around the psychological level of 1.5000. The current structure could be calling for more rallies towards the level of 1.5100, which is very close to the SMA 200 in this time frame. After that test, we should expect a pullback towards new lows, and the pair can start to strengthen. The MACD indicator remains at the positive territory.

H1 chart's resistance levels: 1.5062 / 1.5100

H1 chart's support levels: 1.5031 / 1.4982

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 1.5031, take profit is at 1.4982, and stop loss is at 1.5080.