Daily analysis of GBP/USD for January 08, 2018

GBP/USD hadn't a major reaction to the US NFP outcome on Friday, as it remains trading in a tight range across the board. Currently, the pair is being supported by the 1.3526 level, which should give enough momentum in order to strengthen the bullish bias and it will help to push it to test the resistance zone of 1.3700. MACD indicator remains in favor of the bulls.

GBPUSDH1.png

H1 chart's resistance levels: 1.3589 / 1.3700

H1 chart's support levels: 1.3526 / 1.3451

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 1.3589, take profit is at 1.3700 and stop loss is at 1.3480.

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