Technical analysis of GBP/USD for January 22, 2014

Trading recommendations:

According to previous events, the price of the GBP/USD pair has still been trapped between 100% of Fibonacci retracement and 61.8% in H1 chart.

Long Buying:

Buy above 1.6387 with the first target of 1.6466, it might resume to 1.6515.

Short Selling:

Outlook -1-: Swing trade at 1.6520 in order to sell with a traget of 1.6460.

Outlook -2-: Below 1.6455 look for further downside with 1.6412 (in order to test the weekly pivot point) and 1.6383 targets.

Intraday technical levels:

Date: 22/01/2014

Pair: GBP/USD

Projected high: 1.6656

Breakout (buy stop): 1.6601

Strong resistance (sell limit): 1.6571

Current pivot: 1.6442

Strong support (buy limit): 1.6313

Breakout (sell stop): 1.6288

Projected low: 1.6238

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

Read more here: Technical analysis of GBP/USD for January 22, 2014