FX.co ★ Technical analysis of GBP/USD for January 23, 2015

Intraday overview:

• According to the previous events, the GBP/USD pair will probably go down because the downward trend is still strong. Moreover, it should be noted that the price of GBP/USD has still been trapped between 1.5033 and 1.4959. The level of 1.5033 will indicate strong resistance (it represents the ratio of 23.6% Fibonacci retracement level on the H1 chart). Furthermore, the price will test the double bottom at this level of 00% Fibonacci retracement levels (1.4959). Therefore, it will be very gainful to sell at 1.5033 with the first target at 1.4959, then it will continue towards 1.4939 in order to test the last weekly support.

Intraday technical levels:

Date:23/01/2015

Pair:GBP/USD

• R3: 1.5396
• R2: 1.5304
• R1: 1.5155
• PP: 1.5063
• S1: 1.4914
• S2: 1.4822
• S3: 1.4673