Friday was very volatile for USD-related pairs and in the case of the
Sterling, GBP/USD weakened across the board to consolidate below the
200 SMA at H1 chart. The next target to the downside is located
around 1.2226, where a demand zone is placed and it could help to
bring some bulls force to push higher the pair. If GBP/USD gets back
to the previous trend, it should break the resistance level of 1.2306
to reach the area of 1.2385.
H1 chart’s resistance
levels: 1.2306 / 1.2385
H1 chart’s support levels:
1.2226 / 1.2176
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 1.2306, take profit is at
1.2385 and stop loss is at 1.2228.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for January 09, 2017 appeared first on forex-analytics.press.