FX.co ★ Daily analysis of GBP/USD for January 12, 2016

On the H1 chart, we should note that there are corrective moves above the support level of 1.4464, which can be challenged in the coming days, as the pair remains very strong in the overall bearish bias. The 200 SMA is pointing to the downside and that's why we should keep on mind the bearish targets placed around the 1.4464 and 1.4374 levels.

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.