Technical analysis GBP/USD 30 January 2013


The assumptions of the past comment about raising prices to the 1.5750/60  resistance confirmed. Now the pair is testing the obstacle for the breakdown, are trading at levels 1.5760/65. Indicators have weakened the testimony in favor of the “bearish” movement, which could mean continued growth. If consolidation above the level which is currently being tested is to happen, also mentioned earlier the 1.5800/10 resistance will be tested for strength. While the observed growth continues to be adjusted to the recent prolonged downward and the script provides for a further reduction in the 1.5500-1.5400 support area remains dominant. If the “bulls” push trading above 1.6000, it will signal a reversal in the upward trend.

GBPUSD - 30.01.13


About Author

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!