On the H1 chart, GBP/USD is still working so well in our bearish outlook presented several articles ago, as the pair is trying to extend its decline towards the support zone of 1.4198. A breakout below there will expose the pair to test the level of 1.4080. The current structure is calling for more declines, but the MACD indicator starts to show oversold conditions.
H1 chart's resistance levels: 1.4309 / 1.4373
H1 chart's support levels: 1.4198 / 1.4080
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 seen at 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for January 18, 2016 . Thanks for your support.
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