GBP USD settles below the correction level 25/01/2013

Economies.com
2013-01-25 04:38AM UTC

As we mentioned in our instant technical updates messages, the pair broke 1.5820 level followed by daily close below it, which solidify the expectations for more downside correction which targets now 1.5690, this level represents 61.8% Fibonacci for the bullish wave from 1.5266 to 1.6377

 

EMA50 supports more decline, while stochastic provides positive signs that might keep the sideways range dominant for a while.

 

Expected trading range for today is between: 1.5630 support and 1.5900 resistance.

 

Expected trend for today: Bearish

 

 

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