empty
 
 
16.01.2015 07:12 AM
Daily analysis of GBP/USD for January 16, 2015

On the H4 chart, GBP/USD has fallen back to the support level of 1.5148, which is an area where this pair could find solid support during the following hours before closing today's session. However, the bearish bias remains alive in GBP/USD, as this pair is still below the 200-day moving average and also, the MACD indicator is moving into the negative territory.

H4chart's resistance levels: 1.5341 / 1.5485

H4chart's support levels: 1.5148 / 1.5034

This image is no longer relevant

The GBP/USD pair has consolidated again below the 200 SMA on the H1 chart. So now, this pair will try to make a breakout at the support level of 1.5146 with the formation of a lower low pattern. If successful, the next target would be the 1.5110 level, but now, the pair is losing bearish intraday momentum.

H1 chart's resistance levels: 1.5198 / 1.5249

H1 chart's support levels: 1.5146 / 1.5110

This image is no longer relevant

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 1.5146, take profit is at 1.5110, and stop loss is at 1.5182.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback