Recommendations: LONG positions above 1.6400 with 1.6585 & 1.6667 as next targets.

Alternative scenario:The downside breakout of 1.6400 will bring a slide to 1.6350/1.6260.

Description: Outlook in GBPUSD is neutral this week with risk to the upside as long as support 1.6400 holds on a daily basis , resistance comes at the 1.6585 levels , above this level will turn focus on the 1.6667 levels ,further out will aim the 1.6745 levels.On the downside , losing the key support 1.6400 will bring consolidations and turn focus on the 1.6350 ahead of 1.6260, but downside below 1.6400 is likely to be contained well above 1.6260 , losing this level would open the psychological level 1.6000

Support & Resistance : 1.6170 , 1.6260 , 1.6345 , 1.6400 (Pivot) , 1.6507 , 1.6585 , 1.6667, 1.6745

GBPUSD Weekly Forecast 27 – 31 Jan

Views: 287

Tags: GBPUSD

Comment by kamdi eloji on January 27, 2014 at 2:17pm

hi haith the first target for the week for GB reached totally brilliant , any retrace from there or is there still possiblity of it reaching the second target?

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