Technical Analysis Daily: GBP/USD

Daily Forex Technicals | Written by iFOREX.bg | Jan 09 09 09:11 GMT |

GBP/USD 1.5214 GBP/USD Open 1.5221 High 1.5372 Low 1.4985 Close 1.5214 As a result of the BOE's decision to lower interest rates with 50 b.p., to 1.5%, the Pound/Dollar increased sharply yesterday to the top 1.5372 and closed the day of 1.5214. Although the current short term upward impulse is quite significant, technically, it is too early to say that long term bearish scenario is completed. Critical level at this phase is 1.5353. Break above this level can potentially break the downward trend. Immediate support is seen at 1.5125 followed by 1.5045. CCI is in the overbought zone and about to pass down the 100 line on the four hour chart, suggesting potential decreasing pressure. Technical resistance levels: 1.5355 1. 5480 1.5600 Technical support levels: 1.5125 1.5045 1.4930 Trading range: 1.5225 - 1.5150 Trend: Downward Sell at 1.5214 SL 1.5244 TP 1.5164 iFOREX.bg Forecasts and Trading Signals http://www.zifx.com