Trading recommendations:

• The resistance of the GBP/USD pair has already set at 1.5252 and a minor resistance has been placed at the level of 1.5194. Furthermore, it will be quite profitable to sell below the spot of 1.5252 or 1.5194 for retesting the next objectives in order to call for a bearish market from the last wave of 1.5252. Therefore, sell deals are recommended below 1.5252 with targets at 1.5102. The bias will resume towards the level of 1.5059 to reach a strong support on 19th of January 2015. On the contrary, support is going to set at the level of 1.6278 today. Consequently, the ascending movement will probably be higher than the 1.6278 level with the target at the key price 1.6360.
  

Observations:

• The support of the GBP/USD pair has already set at 1.5059. Moreover, the weekly support 1 will set at the same level. but the double bottom had already placed at 1.5075.
• Major resistance is going to set at 1.5252.
• We expect a new range about 325 pips this week.
• The key level will set at the level of 1.5163 because it represents the weekly pivot point.
• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.