Daily analysis of GBP/USD for January 26, 2018 25.01.2018

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The pair continues to trade in a strong bullish tone and it’s now heading towards the resistance zone of 1.4393. Around such area, we expect a take profit to be tested by the Cable and one could see a pullback to correct the overall bullish bias. To the downside, the nearest support lies at 1.4060. MACD indicator remains in the negative territory, calling for another leg lower.

Exchange Rates 25.01.2018 analysis

H1 chart’s resistance levels: 1.4280 / 1.4393

H1 chart’s support levels: 1.4060 / 1.3937

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 1.4280, take profit is at 1.4393 and stop loss is at 1.4168.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Felipe Erazo,
Analytical expert
InstaForex Group © 2007-2018

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