GBPUSD targets 1.6218 levels – Resistance 1.6440

The GBPUSD maintained a bearish momentum few days ago , topped at the 1.6440 levels and bottomed at the 1.6290 levels, now pressure will be on the key support  1.6290.

The GBPUSD will have to hold below the 1.6290 levels on a daily closing basis to push the market for further downside losses, If seen It will target the 1.6218 levels where a breach will turn focus on the 1.6138 levels , further out will aim the 1.6071/1.6047 levels. losing the 1.6047 will have large bearish implication towards 1.5850 levels.

Alternatively , a failure to hold below the 1.6290 levels on a daily closing basis could mean a return to the 1.6440 levels , a halt is suggested ,and sellers may dominate the market here, but break of 1.6440 levels will suggest that fall from 1.6670 is over and the pair is likely to recapture the 1.6670 levels once again , a halt could be seen , but a breach will call for a run towards the 1.6745 levels ahead of the 1.6875 levels.

In all , the GBPUSD  is likely to retain to its medium term downside bias as long as  resistance 1.6440 holds on a daily closing basis , above this level will resume the long term bullish trend.

Support & resistance : 1.5850 , 1.6047 , 1.6076 , 1.6138 , 1.6218 , 1.6290 ,1.6345, 1.6440 (Pivot) , 1.6586 , 1.6670 , 1.6745 , 1.6875

Data which may influence  GBPUSD : (BOE) Interest Rate Decision .Thursday at 12:00 GMT


GBPUSD targets 1.6218 levels – Resistance 1.6440

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Tags: GBPUSD

Comment by Abdu Rub on February 5, 2014 at 1:42pm
Holding a lot long @ 1.6400
Comment by Bero Maatouk on February 5, 2014 at 1:49pm

Thank you Haitham for your perfect analysis and for your time :)

Best Regards ...

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