FX.co ★ Daily analysis of GBP/USD for February 08, 2016

The pair was declining during Friday's session and consolidated below the 200 SMA in the H1 chart. The nearest support is located around the level of 1.4369 where a breakout to the downside should happen to test the inflection zone formed at 1.4269. Currently, a rebound cannot be discarded yet, as the GBP/USD pair could be in a corrective phase. However, the MACD indicator is supporting the bearish idea as it is trading in the negative territory.

H1 chart's resistance levels: 1.4436 / 1.4535

H1 chart's support levels: 1.4369 / 1.4289

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.4436, take profit is at 1.4535, and stop loss is at 1.4334.