GBP/USD Forecast January 30, 2012, Technical Analysis

GBP/USD rose during the Friday session as the Dollar continues to weaken. The area above is the start of significant resistance though, and it is at this point that we will find out just how strong the Pound is going to be. The 1.57 to 1.58 level has been massive resistance over the last several months, and the move upwards from the lows in the 1.53 area has been absolutely parabolic. Because of this, it is doubtful that we will see a straight shot up from here through the top of the resistance area. We are looking to sell resistive and weak candles between here and 1.58, if we get them. If we get a close above that level – we would be forced to buy at that point. 

GBP/USD Forecast January 30, 2012, Technical Analysis
GBP/USD Forecast January 30, 2012, Technical Analysis

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