In the H4 chart, GBP/USD continues to weaken and lose positions below the resistance level of 1.5341. So far, this pair has been trying to find support on the bearish trend line near the 1.5200 level. If GBP/USD makes a breakout in that area, the next target would be the support level of 1.5148.
H4chart's resistance levels: 1.5341 / 1.5485
H4chart's support levels: 1.5148 / 1.5017
GBP/USD continues to move in a negative tone, at least in the short term. So far, the pair had already done a rebound at the level of 1.5200 and now GBP/USD is forming a bearish pattern again. In the downside, the support level of 1.5198 remains the next objective, if the pair achieves consolidation below the level of 1.5249. The MACD indicator remains in positive territory.
H1 chart's resistance levels: 1.5295 / 1.5333
H1 chart's support levels: 1.5249 / 1.5198
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 1.5249, take profit is at 1.5198, and stop loss is at 1.5302.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for January 06, 2015 . Thanks for your support.
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