FX.co ★ Daily analysis of GBP/USD for January 9, 2014

В Daily pivot point: 1.6435

Overview:В 

The GBP/USD pair has still been trapping between the level of 1.6480 and the 1.6400 level. Furthermore, it should be noted the following observations:В 

• The trend: the trend still calls for a bullish market from the level of 1.6366, For that the market will be an upward today.В 
• Support: 1.6370 (buy above this level for retesting this level for a long period)В 
• Resistance: 1.6540 (sell below this level).В 
• Range: 120 pips (daily).
• Weekly pivot point is set at 1.6468. So, above the weekly pivot point will be a good sign to confirm for a bullish market.В 

Accordingly, the descending movement will probably be lower than 1.6540 (on the ratio 78.6% of Fibonacci retracement levels) with the first targets at 1.6480 and 1.6400. On the contrary, buy deals are recommended above 1.6370 with target at the level of 1.6515 for a long period.