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Technical analysis of GBP/USD for January 15, 2016

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Overview:

The psychological level of the GBP/USD pair is seen at the level of 1.4407. This level is acting as strong resistance and it coincides with a ratio of 11.8% of Fibonacci retracement levels in the daily chart. Therefore, the first key level is seen at 1.4407 (the daily pivot point). Furthermore, a trend was very clear heading downwards. Thus, we expect that the trend is going to call for a bearish market at the level of 1.4407 because sellers are asking for a higher price. As a result, sell at the level of 1.4407 with a target at 1.4300 and 1.4240. Also, it should be noted that the level of 1.4234 represents the weekly support 3.

Observations:

  • Major support is found at the level of 1.4234; and major resistance has placed at the daily pivot point (1.4407)
  • We expect a new range about 120 pips.
  • If the trend is upward, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.

The material has been provided by InstaForex Company – www.instaforex.com

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Technical analysis of GBP/USD for January 15, 2016 Reviewed by on . Overview:The psychological level of the GBP/USD pair is seen at the level of 1.4407. This level is acting as strong resistance and it coincides with a ratio of Overview:The psychological level of the GBP/USD pair is seen at the level of 1.4407. This level is acting as strong resistance and it coincides with a ratio of Rating:
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