GBP/USD Forecast January 23, 2012, Technical Analysis

The GBP/USD pair rose on Friday and continued the massively bullish move we had seen over the last several days as the 1.55 level gave way as resistance. The move was relentless, and it appears that some real money was involved at the 1.53 support level. It is because of this that we feel the 1.55 level is now going to act as support for the next couple of session. The 1.58 above should continue to be resistive, and we think that a short-term buy can be initiated on a break of the Friday highs. However, be informed that any signs of weakness, especially closer to the 1.5750 level should be sold right away.

GBP/USD Forecast January 23, 2012, Technical Analysis
GBP/USD Forecast January 23, 2012, Technical Analysis

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