Technical analysis GBP/USD 29 January 2013


As anticipated in the previous comments, the price dropped to the 1.5660/70  and strength of the support this support stopped falling. After the test, this couple  rolled back up a bit and now it is around 1.5700/10. The overall picture of indicator remains the “bearish” tone that leaves medium-term prospects for the further side of the slide. At the same time formed divergence on the MACD gains to fear a stronger recoil up in the correction to the recent drop, possibly to resistance at 1.5750 or even at 1.5800. However, the following scenarios as a pair in the levels of 1.5500-1.5400 remains dominant and the breakdown of the 1.5670/60 support will signal the continuation of its implementation. The change in the upward trend can be assumed only if prices rise above the 1.6000 level.

GBPUSD - 29.01.13


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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!