FX.co ★ Daily analysis of GBP/USD for January 07, 2016

GBP/USD has been trading above the support level of 1.4608 after another session of declines on a short-term basis. On the H1 chart, a strong bottom was found around that level, so we can expect a rebound towards the resistance level of 1.4702 in coming days. The MACD indicator is in positive territory.

H1 chart's resistance levels: 1.4702 / 1.4802

H1 chart's support levels: 1.4608 / 1.4464

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 1.4608, take profit is at 1.4464, and stop loss is at 1.4755.