empty
 
 
24.01.2014 03:16 PM
Intraday technical levels and trading recommendations for GBP/USD for January 24, 2014

This image is no longer relevant
This image is no longer relevant

Fundamentally, the pound sterling Pound rose quickly after showing a sharp decline in the unemployment rate. This enhanced the image on the economic recovery of the UK.

The bulls managed to break through 1.6450-1.6490 (61.8% - 50% Fibonacci levels and the upper limit of the ongoing channel). This invalidated our short-term bearish scenario.

Today, the GBP/USD pair successfully hit 1.6660 after the positive fundamental data released this week.

A shooting-star 4H candlestick was expressed off there indicating a bearish correction towards 1.6560 initially.

Technically, the GBP/USD has two important DEMAND zones, one located at 1.6555-1.6575 and a more prominent one at 1.6450-1.6480.

As long as the view remains bullish, price level 1.6450 (61.8% Fibonacci) will probably offer a valid BUY entry at retesting (corresponding to backside of upper limit of the broken channel).

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback