GBP/USD: Weekly Technical Analysis for January 20-24, 2014

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Weekly bias on GBP/USD remains slightly on the upside as the pair saw decent gains on Friday during London trading session before a mild pull back was seen in the U.S trading session. The pair however found support on 55EMA on the 4hours timeframe and later bounced off to resume its bullish run. Demand for the pair was fueled by a better than forecasted December Retail Sales which gave the Great Britain Pound strength against the greenback.


A break above 1.6462 resistance could bring a further rise to 1.6515 resistance in the short term picture. In the medium term picture, a break above 1.6515 resistance could see more push to 1.6591 resistance, the most recent high of the year.  A clear break of 1.6591 resistance would see a full confirmation of the resumption of the current uptrend on daily charts and further rise to 1.6750 is expected in the long term picture.


However, on the downside, a break below 1.6309 support could see a further fall to 1.6219. A key important economic factor to watch out for this coming week is the Great Britain Employment Statistics’ which is accompanied with the MPC Asset Purchase Facility Votes and Official Bank Rate Votes.



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