FX.co ★ Daily analysis of GBP/USD for December 08, 2015

On the H1 chart, GBP/USD has been weak at the start of this week, as the pair is looking for an opportunity to consolidate again below the 200 SMA. The next support is found around the level of 1.4996 and when a breakout happens there, then we can see another fall towards the support level of 1.4915. Be aware of possible bullish corrective rebounds. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.5072 / 1.5122

H1 chart's support levels: 1.4996 / 1.4915

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 1.4996, take profit is at 1.4915, and stop loss is at 1.5079.