Technical analysis GBP/USD 31 January 2013

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Pair, as expected, continued to rise and has visited the 1.5800/20 resistance. Now the price is rolling back down an it  is already at 1.5790/95. It seems that the assumption of past comments about formation of side movement around 1.5800/10 – 1.5670/60 are confirmed. However, for the more persuasive in the development of the script you have to see a price drop below the support 1.5750. The indicators show omni directional, and contrary to expectations of side correction. However, the concern is the output of the SS oversold as this may be a sign of continued growth. Break of the 1.5820/10 resistance will indicate the probability of a test of resistance at 1.5900 in the near future. To obtain the same signal a reversal in the upward trend needs to breakdown the 1.6000 level.

GBP/USD - 31.01.13

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Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector. In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments. At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!