GBPUSD Weekly Forecast 20 – 24 Jan

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GBPUSD Weekly Forecast 20 – 24 Jan  (Under Pressure)

Recommendations: SHORT positions below 1.6507  with 1.6315 & 1.6260 as next targets.

Alternative scenario: The upside breakout of 1.6507 will bring rebound to 1.6600/1.6618.

Description: Outlook in GBPUSD is on the downside this week with risk towards 1.6315 ahead of 1.6260 levels as long as resistance 1.6507 holds on a daily closing basis, below 1.6300 would open 1.6260/1.6215 next. On the upside break of  1.6507 would turn outlook neutral and bring rebound towards 1.6600/1.6618 levels before the next fall, above 1.6618  would turn outlook bullish and open 1.3745 levels.

Support & Resistance : 1.6260 , 1.6315 , 1.6442 , 1.6507 (Pivot) , 1.6618 , 1.6745 , 1.6875

 

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