FX.co ★ Daily analysis of GBP/USD for December 21, 2016

The pair broke yesterday's lows and it's now facing support around 1.2327. Currently, we can expect bearish continuation towards the 1.2249 level, but corrective moves could take place in coming days, as the sterling is getting exhausted in the current bias and MACD indicator is favoring this recovery scenario across the board.

H1 chart's resistance levels: 1.2397 / 1.2462

H1 chart's support levels: 1.2327 / 1.2249

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 1.2327, take profit is at 1.2249 and stop loss is at 1.2407.