FX.co ★ Daily analysis of GBP/USD for January 15, 2014

Daily chart: The pair tried to consolidate above the level of 1.6447, but again the GBP/USD has found resistance at that level. The trend is not clear yet in this chart, as the GBP/USD has made sideways movement within the range between the levels of 1.6326 and 1.6447. However, if the pair manages to break the support level at 1.6326, it is expected to fall to the level of 1.6235, which would be a bearish consolidation. The MACD indicator is still in negative territory.

H4 chart: This pair is still consolidating in bullish trend, but we must remember that the GBP/USD has formed a fractal at the level of 1.6464, which means that this pair could struggle to keep rising in the short term. Now this pair is finding support in the bullish trend line and if this pair manages to break the resistance level of 1.6464, it's expected to rise to the level of 1.6483. The MACD indicator is still in positive territory.

H1 chart: During yesterday's session, the GBP/USD made a bearish rebound at resistance level of 1.6464 and now this pair is falling below the point of control and 200 SMA. However, if this pair makes a bullish rebound at current levels (1.6419), it's expected to rise to the level of 1.6464. If this pair makes a breakout at that level, it would be expected to rise to the level of 1.6507. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6464, take profit is at 1.6507, and stop loss is at 1.6422.В