GBP/USD: Weekly Technical Analysis For January 18-23, 2016

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The Great Britain Pound continued to weaken against the U.S dollar during last week’s trading session after poor result from Manufacturing and Industrial production from the British economy. The pair accelerated to as low as 1.4250. Initial bias this week remains on the downside with 21 and 55 EMA still crossed to the south on 1 hour, 4 hours, daily, weekly and monthly time-frame. Furthermore SSRC oscillator indicating more bearish momentum is expected in the pair. The break of 61.8% projection of 1.7190 to 1.4565 from 1.5929 at 1.4307 should now pave the way to 1.3503 low. On the upside, above 1.4444 minor resistance will turn bias neutral and bring consolidation before staging another fall.


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