Technical analysis of GBP/USD for January 28, 2014

Trading recommendations:

• Pair: GBP/USD
• Date: 28/1/2014

Long buying:

• Buy above 1.65 in the short term with the first target of 1.6566, it might resume to 1.6634 (the weekly resistance 1).

Short selling:

• Outlook 1: Swing trade at 1.6666 in order to sell with a traget of 1.6520 in order to test the weekly pivot point at the level of 1.6514.
• Outlook 2: The area below 1.6500 looks for further downside with 1.6463 and 1.6395 as targets.

Notes:

• It should be noted that the market will turn bearish from the level of 1.6666.
• Volatility:145.42; therefore, the market indicates the higher volatility.

The material has been provided by InstaForex Company – www.instaforex.com