empty
 
 
31.01.2014 01:53 PM
Technical analysis of GBP/USD for January 31, 2014

This image is no longer relevant

Technical outlook and chart setups:

1. The GBP/USD pair is poised to move lower towards 1.6100/1.6000. It is recommended to hold on to short positions for now and also look to add further on intraday rallies. Major top seems to have been formed at 1.6650/60 levels.

2. Immediate resistance is at 1.6630/50, while supports are spread through 1.6300, followed by 1.6200 and lower respectively.

3. The structure reveals that a major reversal could be possible from the recent swing highs at 1.6650. Immediate downside extensions are pointing at 1.6100/1.6000.

Trading recommendations:

Hold on to short positions from yesterday, stop at 1.6650 for now, target at 1.6100.

Good luck!

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