Recommendations: LONG positions above 1.6372 with 1.6530 & 1.6580 as next targets.
Alternative scenario:The downside breakout of 1.6372 will call for a slide to 1.6320/1.6270.
Description:The GBPUSD  maintained some bullish momentum last week , stability above the key support  1.6372 on a 4 hour closing basis will keep the bullish momentum intact , resistance comes at 1.6530 levels ahead of 1.6580 (main) , around this level we might see hesitation, but  break of 1.6580 level on a 4 hour closing basis will open 1.6630/1.6680 levels next.On the downside , main support comes at 1.6372 levels , losing this level on a 4 hour closing basis would weak the last bullish run and open 1.6320/1.6270 levels, below 1.6270 would target 1.6215 levels…

Support & resistance : 1.6215 ,1.6270 ,1.6320 , 1.6372 (Pivot)1.6430,1.6480 , 1.6530 , 1.6580 ,1.6630



GBPUSD Weekly Forecast 13 -17 Jan

Views: 324

Tags: GBPUSD

Comment by Md.Masudur Rahman on January 13, 2014 at 6:36pm

Some quick fall happen yesterday gbpusd.Do u think any fundamental reason behind that.What would be the future y about gbpuds.

Comment by Haitham653 on January 13, 2014 at 10:17pm

It's normal correction - fake decline - due to the lack of breaking news in the beginning of the week..

Technically : the pair is bullish , break of 1.6507 would expose 1.6602 and test the weekly resistance 1.6618.......

Comment by talisman on January 14, 2014 at 1:27am

this pair had a 4 hr close below 1.6372 , the original plan "B" calls for shorts now or does todays information change your opinion ? sounds like you remain bullish despite the 4 hr close below 1.6372 .

Comment by Haitham653 on January 14, 2014 at 7:29am

Hi Talisman..

Don't use 1.6372 as exact number, use it as trading zone or level , when I said losing support on a 4 hour closing basis , I meant sustained trading....a poor close not enough.......see the chart bellow, the pair back above 1.6372 and still trading inside upward channel ....stability below 1.6372 followed by a break below the upward channel would open 1.6215.....on the upside , above 1.6500 would open 1.6618 levels next.....today we have UK inflation data at 09:30 GMT

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