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22.01.201803:45 Forex Analysis & Reviews: Daily analysis of GBP/USD for January 22, 2018

Long-term review

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The pair is strengthening the bullish bias across the board with a consolidation ongoing above the 200 SMA at the H1 chart. The support zone of 1.3846 should hold in order to allow further gains toward the 1.3979 level. To the downside, we're expecting a dynamic support around the moving average mentioned above. MACD indicator remains in the negative territory, favoring to the bears in the short-term.

H1 chart's resistance levels: 1.3846 / 1.3979

H1 chart's support levels: 1.3612 / 1.3526

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 1.3846, take profit is at 1.3979 and stop loss is at 1.3714.

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