GBP/USD: Forecast January 27, 2015
Jason Sen | Jan 27, 2015 06:40AM ET
GBP/USD will need to hold above 1.5070 to continue the recovery and beat today's first resistance at 1.5105/10 to target strong resistance at 1.5145. A good chance of a high for the day here to try shorts with stops above 1.5180. An unexpected break higher would then target 1.5200/10.
Failure to hold above 1.5070 triggers a drift lower to 1.5055 then support at 1.5035/25. A low for the day is possible here but longs need a stop below 1.5000. A break lower targets 1.4975/70 then the lows at 1.4948. Just be aware that a break lower this week targets 1.4945/35 then support at 1.4870/60. If we continue lower however look for a test of 2013 lows & good support at 1.4829/12.
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