GBPUSD Technical Analysis (12-16 January 2015) | January 10, 2015

GBPUSD has formed hammer candle near to support area. After this hammer on daily chart, a big bullish candle is formed. So this is bullish signal in this pair. According to technical view, we can go for buy for short term.
If we draw fibo from 1.5784 to 1.5034, then we need wait for retracement for take sell entry with the main trend. 50% and 61.8% area are very good zone for sell. We can sell from 1.5400 area and target will be 1.5200 level.



Weekly Pivot, Support and Resistance


Resistance Two (R2): 1.5452

Resistance One (R1): 1.5304

Pivot Point: 1.5168

Support One (S1): 1.5020

Support Two (S2): 1.4884