FX.co ★ Daily analysis of GBP/USD for January 13th, 2016

GBP/USD is doing a rebound above the support level of 1.4373, as the declines are still working fine on the overall pair's structure. The 200 SMA at the H1 chart is very bearish and it is supporting the downside idea in a short-term basis at least. However, if Cable achieves in break above 1.4464, then, we can expect a rally towards the 1.4555 level. The MACD indicator is in positive territory.

H1 chart's resistance levels: 1.4464 / 1.4555

H1 chart's support levels: 1.4373 / 1.4309

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 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.