FX.co ★ 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