FX.co ★ GBP/USD intraday technical levels and trading recommendations for January 8, 2014

By the end of 2013, the bulls managed to record a new high for the year at 1.6576 stabilization of 1.6250 as a support level.

The GBP/USD pair managed to bypass resistance zone 1.6460-1.6520 for few days until bearish momentum was expressed to get the pair back again below it.

The market expressed bearish engulfing daily candlestick off 1.6590 during the first few days of 2014. This initiated a corrective bearish movement probably targeting at 1.6250.

 The bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remains the nearest resistance level which seems to be targeted by the current bullish movement.

The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to push above 1.6460-1.6500.