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28.01.201402:17 Forex Analysis & Reviews: Technical analysis of GBP/USD for January 28, 2014

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 28.01.2014 analysis

Trading recommendations:

  • Pair: GBP/USD
  • Date: 28/1/2014
  • According to the previous events, the price of the GBP/USD pair has still been moving between 1.6640 and 1.6515.

Long buying:

  • Buy above 1.65 in the short term with the first target of 1.6566, it might resume to 1.6634 (the weekly resistance 1).

Short selling:

  • Outlook 1: Swing trade at 1.6666 in order to sell with a traget of 1.6520 in order to test the weekly pivot point at the level of 1.6514.
  • Outlook 2: The area below 1.6500 looks for further downside with 1.6463 and 1.6395 as targets.

Notes:

  • It should be noted that the market will turn bearish from the level of 1.6666.
  • Volatility:145.42; therefore, the market indicates the higher volatility.
Mourad El Keddani
Analytical expert of InstaForex
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