FX.co ★ Daily analysis of GBP/USD for January 13, 2017

GBP/USD gained ground during Thursday's session, finding resistance around 1.2293. However, from that zone, we saw a strong pullback and that move helped the pair to plummet toward 1.2175. If GBP/USD manages to break below and extend its decline, we can expect another fall to test the 1.2123 level. MACD indicator remains in the negative territory.

H1 chart's resistance levels: 1.2247 / 1.2293

H1 chart's support levels: 1.2175 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2175, take profit is at 1.2123 and stop loss is at 1.2228.