The pair showed little movement on Monday in quiet dealing due to the holiday in the United States. Nevetheless, the tone is still bearish and the 200 SMA is pointing to the downside at H1 chart, so our outlook suggests further decline. The next support is located at 1.4198 and a break below this level will expose GBP/USD to test the 1.4080 level.
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 GBP/USD breaks a bearish candlestick; the support level is 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 19, 2016 . Thanks for your support.
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