Tuesday, January 12, 2016

Support & Resistance for GBP/USD

R5 1.4786 29 Dec low
R4 1.4727 31 Dec low
R3 1.4663 4 Jan low
R2 1.4645 * 8 Jan high
R1 1.4600 figure

S1 1.4494 11 Jan low
S2 1.4394 9 Jun 2010 low
S3 1.4346 * 8 Jun 2010 low
S4 1.4260 25 May 2010 low
S5 1.4228 * 20 May 2010 low

Pressure stays on the downside and rejection from the 1.4604 high yesterday see scope to retest the 1.4500 level then the 1.4494 low. Clear break here will see further decline to 1.4394 and 1.4346 then the 1.4228, 2010 low. Would need lift over the 1.4600 level and 1.4645 ease downside pressure and see stronger bounce.