Daily analysis of GBP/USD for January 02, 2018

GBP/USD has been forming a higher high pattern above the middle band of the Bollinger bands on H1 chart and it's facing resistance in the 1.3516 level. If the pair manages to break above it, then the next hurdle to overcome should be the 1.3589 zone. However, corrective moves are expected to happen, with a first step to touch at 1.3451.


H1 chart's resistance levels: 1.3516 / 1.3589

H1 chart's support levels: 1.3451 / 1.3388

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3516, take profit is at 1.3589 and stop loss is at 1.3441.

The material has been provided by InstaForex Company - www.instaforex.com