FX.co ★ Daily analysis of GBP/USD for January 13, 2015

The GBP/USD pair was not marked by much activity during yesterday's session on the daily chart, as this pair continues to make retracements for the current bearish bias. Therefore, the GBP/USD pair could gain ground until the resistance level of 1.5266 in the coming days and this would be a good target for intraday traders. However, the bearish outlook remains alive in the long term.

Dailychart's resistance levels: 1.5266 / 1.5407

Dailychart's support levels: 1.5159 / 1.5015

On the H1 chart, GBP/USD has made a rebound at the support level of 1.5110 so far. This pair continues to move in a low range and without a trend fairly solid so far, in the intraday term. However, in the downside road, the GBP/USD pair is likely to try a breakout at the support level of 1.5146.

H1 chart's resistance levels: 1.5198 / 1.5249

H1 chart's support levels: 1.5146 / 1.5110

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5146, take profit is at 1.5110, and stop loss is at 1.5183.