Daily analysis of GBP/USD for January 15, 2018

GBP/USD was strongly bullish during Friday's session as the greenback weakened across the board. The pair is now consolidating gains above the 1.3700 handle and it seems we could expect a rally towards the 1.3846 level. However, due to the nature of the bullish move, it's likely to see some corrective moves toward the 1.3612 level.


H1 chart's resistance levels: 1.3846 / 1.3979

H1 chart's support levels: 1.3612 / 1.3526

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 1.3846589, take profit is at 1.3979 and stop loss is at 1.3714.

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