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Daily analysis of GBP/USD for January 13, 2017

GBP/USD gained ground during Thursday's session, finding resistance around 1.2293. However, from that zone, we saw a strong pullback and that move helped the pair to plummet toward 1.2175. If GBP/USD manages to break below and extend its decline, we can expect another fall to test the 1.2123 level. MACD indicator remains in the negative territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.2247 / 1.2293

H1 chart's support levels: 1.2175 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2175, take profit is at 1.2123 and stop loss is at 1.2228.

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