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!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for January 31, 2014 . Thanks for your support on Technical analysis of GBP/USD for January 31, 2014
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