FX.co ★ Daily analysis of GBP/USD for January 11, 2016

GBP/USD continues to strength its bearish bias at the H1 timeframe, expecting consolidation below the resistance level of 1.4555. That's why we're putting a target close to the support level of 1.4464 in a short-term perspective, as a breakout below will expose the Cable to test 1.4373 in coming days. The MACD indicator is at negative territory.

H1 chart's resistance levels: 1.4555 / 1.4608

H1 chart's support levels: 1.4464 / 1.4373

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 1.4464, take profit is at 1.4373, and stop loss is at 1.4555.