Daily analysis of GBP/USD for January 14, 2016

On H1 chart, GBP/USD is still doing a rebound above the support level of 1.4373, and we're watching very strong resistance around the 1.4464, where it has already formed some fractals that strengthen the bearish bias in a short and mid term basis. 200 SMA is still pointing to the downside and MACD indicator is entering negative territory, so we can expect a decline towards the 1.4309 level.

H1 chart's resistance levels: 1.4464 / 1.4555
H1 chart's support levels: 1.4373 / 1.4309

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 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.

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