Daily analysis of GBP/USD for January 24, 2018

The pair was rejected by the resistance level of 1.3979 and awaits to post fresh highs in the short-term. If that level gives up in favor of the bulls, then GBP/USD could have enough steam to reach the next hurdle placed around 1.4112. To the downside, the nearest support lies at 1.3847, where it coincides with the 200 SMA at the H1 chart.


H1 chart's resistance levels: 1.3979 / 1.4112

H1 chart's support levels: 1.3847 / 1.3612

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 1.3979, take profit is at 1.4112 and stop loss is at 1.3847.

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