FX.co ★ Daily analysis of GBP/USD for December 22, 2016

GBP/USD is still supported by the 1.2327 level, where a demand area is placed across the board. Currently, the cable is poised to continue moving in the downside bias, but corrective moves are still expected, at least towards 1.2462, where a 200 SMA on the H1 chart is placed. However, if the pair manages to break below the 1.2327 level, then it can test the 1.2249 zone.

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.