GBP/USD Forecast January 16, 2012, Technical Analysis

GBP/USD fell hard for the session after first rising on Friday. However, the pair did finish slightly lower to form a doji after all was said and done. The indecisions is in concert with a massive support are at the 1.53 level, and the level did in fact hold in the end. (Albeit barely.) The pair looks very weak, and we are selling rallies at this point in time. A daily close below the 1.53 level would signal the breakdown of a head and shoulders neckline. However, until we get that move – we are selling rallies.

GBP/USD Forecast January 16, 2012, Technical Analysis

Written by FX Empire