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30.01.201504:24 Forex Analysis & Reviews: Daily analysis of GBP/USD for January 30, 2015

Long-term review

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Bears again took control of the current bias on the GBP/USD pair. The support level of 1.5025 is still the nearest target on the daily chart. If the GBP/USD pair makes a breakout on that level, the bearish bias could be extended for several weeks, as this pair has a long-term target at the level of 1.4600. The MACD indicator is still on the positive territory.

On the H1 chart, the GBP/USD pair had a strong fall until the support level of 1.5039, where this pair did a rebound . Currently, the pair is forming a bearish pattern, but there are high odds that the GBP/USD pair will reach first the resistance level of 1.5084. Anyway, the pair is still below the 200 SMA and if it does a breakout in the zone of 1.5039, the next target could be the level of 1.4994.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5084 / 1.5142

H1 chart's support levels: 1.5039/ 1.4994

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 1.5039, take profit is at 1.4994, and stop loss is at 1.5084.

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