Technical analysis of GBP/USD for January 28, 2016. Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair is trading around 1.4250 after having reached an intermediary high at the level of 1.4370. Bulls will remain in control till prices stay above 1.4100. Also please note that the pair had bounced off the Fibonacci 0.618 support earlier, at the level of 1.4170. It is hence recommended to remain long with risk at 1.4100. Immediate support is seen at 1.4170, while resistance is seen at 1.4350. Furthermore, the support trend line remains intact as depicted on the H4 chart , which is encouraging to bulls.

Trading recommendations:

Remain long with stop at 1.4100, a target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for January 28, 2016. . Thanks for your support.