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29.01.201504:51 Forex Analysis & Reviews: Daily analysis of GBP/USD for January 29, 2015

Long-term review

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During yesterday's session, the GBP/USD pair had a bearish day, closing the price below the important resistance level of 1.5247. We're still aware of a possible breakout on that zone, but the pair is still being pushed to the downside, because of lack of the bullish momentum from the technical view. Besides, the GBP/USD pair could fall again to the support level of 1.5025.

The GBP/USD pair did a rebound at the 200 SMA on the H1 chart and is still respecting the bullish trend line, that is currently serving as support on the pair. Furthermore, the GBP/USD pair could rise again until the psycological level of 1.5200, where the pair has to make a breakout in order to reach the resistance level of 1.5264, with a 1:1 risk and reward trade.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5200 / 1.5264

H1 chart's support levels: 1.5142 / 1.5084

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5200, take profit is at 1.5264, and stop loss is at 1.5137.

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