Technical analysis of GBP/USD for January 18, 2016 Market Analysis Review

Weekly technical analysis of GBP/USD:

Overview:

• According to the previous information, the GBP/USD pair is still moving between 1.4251 and 1.4370. Moreover, it should be noted that the weekly pivot point will set at the level of 1.4370. Right now, the current price is around the level of 1.4290. Additionally, the weekly point has already formed a psychological level at this area. And the weekly resistance 1 is going to set at the level of 1.4490. Therefore, sell at the level of 1.4370 (the weekly pivot point) with the first target at the 1.4251 price (the level of 1.4251 is representing the ratio of 00% Fibonacci retracement levels on the H1 chart), then it will call for downtrend in order to continue its bearish movement towards 1.4137 to form a new double bottom in the same time frame. Notwithstanding, if the trend fails to close below the level of 1.4370, then the stop loss should be placed at the level of 1.4410.

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