GBPUSD TECHS Jan 25th
GBPUSD TECHS UPDATE Jan 25th
Current rate : 1.6220
Trading biais : Neutral / Failure on fib ret 62% last week but failed to break below 1.6000 Level / possible retest of 1.63xx/1.64xx level
Trading strategy : sell on rebound at 163xx/16350
Todays techs http://screencast.com/t/MTIzMTVlOT
Techs Jan 19th D1 : http://screencast.com/t/MDIxNDhlYT
Intraday bias in GBP/USD is neutral for the moment and recovery from 1.6077 might continue towards 4 hours 55 EMA (now at 1.6214). However, recent development suggests that corrective rise from 1.5829 has completed with three waves up to 1.6456 already and whole decline from 1.6875 should be resuming. Hence, upside of the recovery should be limited below 1.6284 resistance and bring fall resumption. Break of 1.5829 will confirm this bearish case and target 1.5706 key cluster support. On the upside, though, above 1.6284 minor resistance will delay the bearish view and turn focus back 1.6456 resistance
Kind regards
Jerry