GBPUSD Analysis – FX Price Action Update – Outlook WC 28/1/13
(Forex-FX-4X.com, GBP/USD Technical Analysis, WC 28th Jan)
- The GBPUSD pair ultimately broke under prior support around 1.5824 this week, after seeing an initial bounce up to around 1.5890 when this area was first hit.
- As mentioned in our previous updates, cable is now trading in a technical zone where strong resistance was found between April and August 2012. The initial push into this area has seen support and price ended the week oscillating between 1.5750 and 1.5820.
- Sterling has underperformed over recent trading so we are reticent to call for a trend reversal; however, the extended downside over recent weeks could potentially see cable experience a corrective move higher on profit taking.
- We also note that EURGBP is now trading just above the 0.8500 round number area. This is another key area where we will be monitoring the price action going forward.
GBPUSD – D1 Chart
GBPUSD Outlook, Technical Analysis, Forecast, Week of 28th January, Forex Blog