GBP/USD Weekly Technical Report 14-18/1/2013

ecPulse
2013-01-14 08:10AM UTC

 

 

The pair is trading within diagonal support and resistance levels, the key support for this formation resides at 1.6020 levels and trading above might extend the upside move this week. Stochastic offers overbought signals and attempts to crossover negatively which might cause great volatility and perhaps bearish corrections. Trading above 1.6020 levels keeps the upside move likely.

The trading range for this week is among key support at 1.5830 and key resistance at 1.6310.

The general trend over short term basis is to the downside targeting 1.6875 as far as areas of  1.4225 remains intact.

Support 1.6125 1.6100 1.6065 1.6020 1.5975

Resistance 1.6145 1.6185 1.6215 1.6260 1.6310

Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.6120 targeting 1.6185, 1.6260 then 1.6300 and stop-loss with four-hour closing below 1.6020 might be appropriate this week

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