FX.co ★ Daily analysis of GBP/USD for January 8, 2014

Trading recommendations:

• According to the previous events, the price of the GBP/USD pair has still trapped between the level of 1.6470 and the 1.6400 level.
• Buy above 1.6355 with a first target of 1.6425, it can resume to 1.6468 to test the weekly pivot point for January 6 - 10, 2014.
• Below 1.65 / 1.6540 (78.2% of Fibonacci retracement levels) look for further downside with 1.6475 and 1.6336 targets.

Notes:

• Double bottom: 1.6336.
• Daily range: around 107 pips.
• Daily pivot point 1.6393.

Intraday technical levels:

R3: 1,6556

R2: 1,6500

R1: 1,6449

PP: 1,6393

S1: 1,6342

S2: 1,6286

S3: 1,6235