Daily analysis of GBP/USD for February 02, 2016 Market Analysis Review

The GBP/USD rallied above the 200 SMA at H1 chart and now we can see it broke the highs made during the January 29th session. That move is calling for a more extended higher structure towards new levels above the resistance zone of 1.4466. If Cable achieves in break that inflection area, then we can expect a continuation until the 1.4531 level. MACD indicator is still at positive territory and does not show signs of a trend-reversal.

H1 chart's resistance levels: 1.4406 / 1.4531

H1 chart's support levels: 1.4423 / 1.4373

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4406, take profit is at 1.4531, and stop loss is at 1.4401.

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