Daily analysis of GBP/USD for December 14, 2016

GBP/USD pulled back from the resistance level of 1.2700, ahead of FOMC meeting. Currently, it's still hovering above the 200 SMA, strengthening the bullish bias in the short term and that's why we're still favoring further gains. However, if the pair manages to break below the 1.2613 level, then it can test the 1.2551 level.

H1 chart's resistance levels: 1.2700 / 1.2763
H1 chart's support levels: 1.2613 / 1.2551

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 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.

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