Daily analysis of GBP/USD for January 26, 2016 Market Analysis Review

GBP/USD has been trading into a slow tone below the 200 SMA at H1 chart where a dynamic resistance can be found. The area around the 1.4309 level is still offering some opportunities for sellers on an intraday basis, as the cable seems to have ended the correction in the upside. A breakout below the 1.4198 level will confirm that scenario. MACD indicator is entering at neutral territory.

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 at 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.

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