FX.co ★ Daily analysis of GBP/USD for January 22, 2016

On the H1 chart, GBP/USD performed a strong rebound from the support level of 1.4080. Currently we can see a consolidation above the level of 1.4198. A breakout above the level of 1.4198 can push the pair towards the level of 1.4309, where the 200 SMA is located in this time frame. The MACD indicator is reaching overbought territories.

H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4080

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 found at 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.