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09.01.201721:59 Forex Analysis & Reviews: Daily analysis of GBP/USD for January 10, 2017

Long-term review

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The pair posted another session with losses as the GBP was under pressure, following Theresa May's comments on Brexit. Currently, GBP/USD is on its way to test the flash-crash low made during October 2016, around the 1.2033 level. Before that, the pair should perform a breakout below the 1.2123 level in order to reach that zone, while a rebound at the current stage should take the Sterling to test the 1.2203 area.

H1 chart's resistance levels: 1.2167 / 1.2203

H1 chart's support levels: 1.2123 / 1.2033

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2123, take profit is at 1.2033 and stop loss is at 1.2214.

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