Recommendations: SHORT positions below 1.6507  with 1.6315 & 1.6260 as next targets.

Alternative scenario:The upside breakout of 1.6507 will bring rebound to 1.6600/1.6618.

Description: Outlook in GBPUSD is on the downside this week with risk towards 1.6315 ahead of 1.6260 levels as long as resistance 1.6507 holds on a daily closing basis, below 1.6300 would open 1.6260/1.6215 next.On the upside break of  1.6507 would turn outlook neutral and bring rebound towards 1.6600/1.6618 levels before the next fall, above 1.6618  would turn outlook bullish and open 1.3745 levels.

Support & Resistance : 1.6260 , 1.6315 , 1.6442 , 1.6507 (Pivot) , 1.6618 , 1.6745 , 1.6875

GBPUSD Weekly Forecast 20 – 24 Jan

Views: 451

Tags: GBPUSD

Comment by Eric A. Hahn on January 18, 2014 at 5:10pm

So on Monday are you going to sell with 1.6507 as your SL and 1.6315 as the TP?

Comment by Haitham653 on January 18, 2014 at 7:49pm

Yes Eric ...short after rejection - on smaller time frames - below 1.6507 ...

Comment by Faraz Solangi on January 18, 2014 at 7:55pm
What are the chances can it break above 1.6507?
Comment by Eric A. Hahn on January 18, 2014 at 10:50pm
Short after what rejection? What timeframe? Do I just sell every hour until 1.6507?
Comment by Haitham653 on January 19, 2014 at 11:51am

Faraz........

Chances to break above 1.6507 are less than 30 %...since the pair under pressure on both weekly & daily charts....but in-case the pair manage to break above 1.6507 , it may expose 1.6618 levels...

Note that we have critical data from UK on Wednesday morning...  

Comment by Haitham653 on January 19, 2014 at 11:57am

Eric.........

Rejection means :  Reversal patterns , such as : head and shoulders , bearish divergence(s), B.bands reversal , reversal candlesticks , trend lines...etc

Time frame : Intra-day : 4 hours , 1 hour , 30 min , 15 min....... 

Comment by Eric A. Hahn on January 19, 2014 at 12:34pm

Ok. So what you are saying is sell after you see a hanging man on any time frame? Still with a SL at 1.6507 and a TP at 1.6315? 

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