Daily Technical Report: January 26, 2015
ICN.com | Jan 26, 2015 05:40AM ET
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The pair is trading below 1.1200 confirming our previously suggested negative expectations, and holding below this level is negative and supports further bearishness. The pair is currently targeting 1.1100, whereas breaking and stabilizing below it extends the downside move to target 1.1020 and 1.0830.
Trading below 1.1300 is negative and support the downside move, while breaching 1.1370 threatens to fail the suggested expectations.
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The GBP/USD pair failed to hold below the support of the descending channel at 1.4965 and moved back to the upside. Despite that, we cannot confirm the possibility of extending the upside move without stabilizing above 1.5085 again at 88.6% correction of the bullish wave that started from 1.4814 and ended at the top 1.7188, which will be the interval for this week.
We prefer to wait before taking any decision, as the pair is trading between 1.5085 and 1.4965 and getting out of this range determines the next move. Therefore, we remain neutral intraday today waiting for new confirmation signal.
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The pair failed to stabilize above 118.25 then dropped and is trading around 117.60, where breaching 118.25 levels and holding above it is required to confirm the positive expectations.
Stability above 118.25 confirms the upside move and favors extending it to target 119.05 and 119.70 and 120.45, while breaking 116.90 threatens to fail the suggested expectations.
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The pair edged higher and is attempting to breach 0.8805, as holding above it triggers a new bullish wave, and is required to confirm these expectations.
On the other hand, breaking 0.8705 and stabilizing below it extends the downside move to target 0.8400 and 0.8300, while a break above 0.8805 threatens to fail the suggested expectations.
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The pair is showing more positivity and is approaching our next target 1.2500, as Linear Regression Indicators continues to provide positive support. Hence, the upside move remains favored in the coming period as long as the pair stabilizes above 1.2245.
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The pair's attempts to the upside are weak, as its trading below 0.7900 which is negative and support the downside move.
The pair is targeting 0.7815 now, as breaking this level and stabilizing below it triggers a new bullish wave, while breaching 0.8040 threatens to fail the suggested expectations.
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The pair dropped and broke 0.7430, as stabilizing below this level is negative and favors extending the downside move in the coming period, while a break above 0.7570 threatens to fail the suggested expectations.
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