GBPUSD Analysis 30/01/15

FX:GBPUSD   British Pound / U.S. Dollar
197 0
Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5100 (Horizontal Support), 1.5590 (Horizontal Resistance), 1.5000 (Significant Round Number) Downtrend Line, Fibonacci Retracement

There is no obvious price action that was made in the past few days. The price rejected the trend line , though it didn't literally touched the line. We are still bearish on this currency pair as the Pound is still weak and US Dollar is very strong right now. As of writing, today's price hasn't moved a lot. It has moved up a little bit since open. Take note that 1.5 price level is near the current price. It's a psychological level, which, often times, volatility occurs. Volatility is good for our trading, we just have to be cautious so we will not be caught on the opposite direction by the sudden move, probably.

The price recognized the 61.8 level of the Fibonacci Retracement . That is the above mentioned rejection of the trend line . If today's price stays below 1.51, we could consider placing a Short order before the market continues to go down. Look at a lower time frame (H4 or H1) to see how the market will act below 1.51. There's plenty of room for this pair to go down further.

Trade well.


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