Overview:
- The The GBP/USD pair was not stable and the trend was not also so clear as well (tight sideways range has been observed since yesterday). But the trend has been calling for the strong bearish market from the area of 1.4241. Moreover, minor support sets at the level of 1.4137. According to the previous events, the price is likely to move between the level of 1.4241 and 1.4137. So, we should be careful trading in this area. Therefore, wait for a period of tight sideways range market before any breakouts. Then, the market is likely to start showing bearish signs from the support level of 1.4137. In other words, it will be fruitful to sell below 1.4137 with the first target at 1.4065. The pair will continue dropping towards 1.4020 in order to test the weekly support two. However, if the pair does not break 1.4137, the market will indicate a bullish opportunity above this support in the short term. Also, the support will be set at the levels of 1.4137/1.4130. Probably, the market will call for an uptrend from the level of 1.4137. Overall, the market remains bearish, so you have to sell below the strong resistance of 1.4241 and resell below the currently support of 1.4130 with targets at 1.4065 and 1.4020. On the other hand, stop loss must be set at 1.4275 this week.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for January 21, 2016 . Thanks for your support.
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