GBP/USD - Inside Upward Channel
FxGrow | Feb 03, 2016 06:38AM ET
GBP/USD - Inside upward channel
After rebound on January from 6-years low, GBP/USD continues upward movement. For two weeks, it has moved in a bullish regression channel. Before new uptrend impulse occurs, it is likely that price will move to the lower limit of that channel (area 1.4200). Further upward movement should be continued - current rebound didn't reach even a basic Fibonacci 38,2% level (area 1.4520) of previous downward movement.
Nearest important resistance is located at 1.4600; if demand breaks it, next target will be at 1.4850. It should be noted that previous analysis GBP/USD gave 150 pips profit. I wrote: "today price returned above 1.4250 and nearest target for upward movement is 1.4400."
Time-frame H4:
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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