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FX.co ★ Weekly technical levels for GBP/USD for January 26-30, 2015

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Forex Analysis:::2015-01-26T11:18:14

Weekly technical levels for GBP/USD for January 26-30, 2015

The weekly technical levels for GBP/USD pair:

Weekly technical levels for GBP/USD for January 26-30, 2015

Review:

  • The GBP/USD pair called for the bearish market from the price of 1.5151 towards the level of 1.4950; but the EUR/USD pair recovered again to start going upwards close to 1.5039 today.
  • This week, the levels of 1.5151 and 1.4950 represent the resistance 1 and the double bottom respectively.
  • It should be noted that the range of the last week was not so large. It was around 262 pips.
  • The support will be set at the level of 1.4889, but the double bottom is going to be set at 1.4950 today.
  • The minor resistance has been set at 1.5050 (the weekly pivot point); and the price of 1.5151 represents strong resistance.
  • We expect volatility of more than 280 pips this week. As a rule, the market is highly volatile if the last day had a huge volatility.
  • If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in uptrend and USD is in downtrend.

Weekly technical levels for GBP/USD for January 26-30, 2015

Analyst InstaForex
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