Technical analysis of GBP/USD for January 22, 2014

Trading recommendations:

According to previous events, the price of the GBP/USD pair has still been trapped between 100% of Fibonacci retracement and 61.8% in H1 chart. Long Buying: Buy above 1.6387 with the first target of 1.6466, it might resume to 1.6515. Short Selling: Outlook -1-: Swing trade at 1.6520 in order to sell with a traget of 1.6460. Outlook -2-: Below 1.6455 look for further downside with 1.6412 (in order to test the weekly pivot point) and 1.6383 targets.

Intraday technical levels:

Date: 22/01/2014

Pair: GBP/USD

Projected high: 1.6656 Breakout (buy stop): 1.6601 Strong resistance (sell limit): 1.6571 Current pivot: 1.6442 Strong support (buy limit): 1.6313 Breakout (sell stop): 1.6288 Projected low: 1.6238