FX.co ★ Daily analysis of GBP/USD for January 18, 2017

Tuesday's session was quite volatile for the GBP-related pairs, as the UK PM's Theresa May confirmed the widely expected "Hard-Brexit" and such statement was received in a positive manner by the markets and currently, GBP/USD is testing higher levels around 1.2400. The next key resistance lies at the 1.2426 level and if the pair manages to break it, then we can expect further advances toward the 1.2491 zone, while the pullbacks should be supported by the 1.2371 level.

H1 chart's resistance levels: 1.2426 / 1.2491

H1 chart's support levels: 1.2371 / 1.2291

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2426, take profit is at 1.2491 and stop loss is at 1.2359.