FX.co ★ Daily analysis of GBP/USD for January 21, 2015

The financials markets in the United Kingdom are waiting for the BoE minutes that will be published today at 09:30 GMT, no suprises are expected in their statement. However, from the technical view on the daily chart, the GBP/USD pair is waiting for a momentum, bullish or bearish, above the resistance level of 1.5247 or below the support level of 1.5025.

On the H1 chart, there was an interesting price action during Tuesday's session, because the GBP/USD pair found dynamic resistance at the 200 SMA, which is currently neutral. Now, this pair is trying to fall again to the support level of 1.5128. The bias remains bearish, because the MACD indicator is on the negative territory and a breakout at the 1.5128 level would open the way for more falls until the 1.5084 level.

Daily chart's resistance levels: 1.5247 / 1.5424

Dailychart's support levels: 1.5025 / 1.4821

H1 chart's resistance levels: 1.5169 / 1.5251

H1 chart's support levels: 1.5128 / 1.5084

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 1.5128, take profit is at 1.5084, and stop loss is at 1.5172.