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: 468


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


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


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? 


You need to be a member of Forex Social Network to add comments!


Join us on Facebook Now!!!

Hi everyone

This website was closed June 2nd 2015.

Please, join us now at Facebook where you can keep sharing your thoughts about Forex with our community of traders:

OVER 2,500 READERS!!!!

© 2015   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service


Live Video