GBPUSD Bearish Continuation – Technical Update 28th January
- The bearish GBPUSD price action has carried into the new week, with a gap lower on Sunday and subsequent bearish continuation move today.
- Cable has dropped -0.45% on the daily basis and is now trading around the 61.8% Fibonacci retrace of the move higher from 1.5267 – 1.6380.
- Any upside may see an element of resistance around the levels highlighted below, these include the following:
- 1.5750 is a clear price pivot which acted as support last week – and is therefore eyed as potential resistance.
- A descending trend line can be seen on the H4 chart, a near term move higher could see this hit around 1.5750 – 80.
- 1.5824 marks the prominent swing low from 15/11/12 – this is also the mid point of the aforementioned 1.5267 – 1.6380 range (50% retrace).
- The 365 EMA is likewise located around 1.5820.
- The pound has been sold heavily across the board with EURGBP seeing further upside above the key 0.8500 level, sterling is now trading at the weakest level in around 13-months versus the euro. GBPJPY is down -0.80% and GBPCHF is also down on the day at -0.50%.
GBPUSD Technical Update – D1 Chart
GBPUSD Technical Update – H4 Chart
GBPUSD Technical Analysis, Forex Price Action, Pound dollar forecast.