Daily analysis of GBP/USD for January 15, 2016 Market Analysis Review

The pair is still doing bearish consolidation below the resistance level of 1.4464, and now it is expected to do another breakout lower towards the level of 1.4309. However, as we can see on the H1 chart, if GBP/USD does a consolidation above 1.4464, then we can expect another rally towards the 200 SMA price zone.

H1 chart's resistance levels: 1.4464 / 1.4555

H1 chart's support levels: 1.4373 / 1.4309

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 found at 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.

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