FX.co ★ Technical analysis of GBP/USD for January 16, 2015

Forecast:

• According to the previous events, the price of the GBP/USD pair has still been moving between the levels of 1.5170 and 1.5258. The level of 1.5258 represents the daily resistance 1. It should be noted that the daily resistance 1 coincides with the ratio of 38.2% Fibonacci retracement levels. Thus, sell below the price of 1.5258 in the short-term with the first target of 1.5173 in order to test the double bottom. If the trend can break the double bottom at 1.5173, it might resume to 1.5142 (the second support). The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.5276.

Intraday technical levels:

Date:16/01/2015

Pair:GBP/USD

• R3: 1.5363
• R2: 1.5314
• R1: 1.5246
• PP: 1.5197
• S1: 1.5129
• S2: 1.5080
• S3: 1.5012