GBP/USD found resistance around 1.2645 and it’s now testing the
support zone of 1.2566. If the pair manages to break below that area,
we could expect a corrective move toward the 200 SMA, but that
shouldn’t invalidate our bullish bias for the short-term. Bollinger
band is showing a bearish path ongoing and that’s why we would like
to see more downside moves below the 1.2600 handle.
H1 chart’s resistance
levels: 1.2645 / 1.2721
H1 chart’s support levels:
1.2566 / 1.2475
Trading recommendations for today: Based on the H1 chart,
buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.2645, take profit is at
1.2721 and stop loss is at 1.2566.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for January 27, 2017 appeared first on forex-analytics.press.