The pair posted another session with losses as the GBP was under
pressure, following Theresa May’s comments on Brexit. Currently,
GBP/USD is on its way to test the flash-crash low made during October
2016, around the 1.2033 level. Before that, the pair should perform a
breakout below the 1.2123 level in order to reach that zone, while a
rebound at the current stage should take the Sterling to test the
1.2203 area.
H1 chart’s resistance
levels: 1.2167 / 1.2203
H1 chart’s support levels:
1.2123 / 1.2033
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 1.2123, take profit is at 1.2033
and stop loss is at 1.2214.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of GBP/USD for January 10, 2017 appeared first on forex-analytics.press.