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07.01.201506:20 Forex Analysis & Reviews: Daily analysis of GBP/USD for January 07, 2015

Long-term review

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The GBP/USD is conducting a breakout at the support level of 1.5159, which shows the weakness that currently have this pair, so it is still advisable to continue following the bearish bias in the medium and long term, because at least in the short term, the GBP/USD still not be able to find a solid support, since the closest is at the level of 1.5015.

Dailychart's resistance levels: 1.5159 / 1.5266

Dailychart's support levels: 1.5015 / 1.4894

At the H1 chart, the GBP/USD is trying to consolidate below 1.5146 level, so that the next target would be the support level of 1.5110. A breakout in that area could lead this pair to fall to the support level of 1.5074 during today's session. However, due to that steep decline, the GBP/USD could climb back to the resistance level of 1.5198.

H1 chart's resistance levels: 1.5146 / 1.5198

H1 chart's support levels: 1.5110 / 1.5074

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 1.5110, take profit is at 1.5074, and stop loss is at 1.5145.

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