On the H4 chart, GBP/USD is forming a lower low pattern below the resistance level of 1.5148, but it is noteworthy that this pair has formed a fractal near the support level of 1.5017, which would be an indication of GBP/USD conducting a bullish retracement above the resistance level of 1.5148 in the coming hours.
H4 chart's resistance levels: 1.5148 / 1.5341
H4chart's support levels: 1.5017 / 1.4900
During the yesterday's session, GBP/USD made a successful breakout at the level of 1.5110. So far, the pair is preparing to try to form a bearish pattern to consolidate below the support level of 1.5074 and fall to the level of 1.5018. However, GBP/USD could form a double bottom pattern in that support level. So we should be cautious.
H1 chart's resistance levels: 1.5110 / 1.5146
H1 chart's support levels: 1.5074 / 1.5018
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 1.5074, take profit is at 1.5018, and stop loss is at 1.5131.
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 08, 2015 . Thanks for your support.
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