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GBP/USD Forecast January 19, 2017, Technical Analysis

By:
Christopher Lewis
Updated: Jan 19, 2017, 05:25 UTC

The British pound fell on Wednesday, but found enough support near the 1.2250 level to form a slightly supportive looking candle. The 1.25 level above is

GBP/USD daily chart, January 19, 2016

The British pound fell on Wednesday, but found enough support near the 1.2250 level to form a slightly supportive looking candle. The 1.25 level above is massively resistive, so I think somewhere near that area the sellers could get involved, but if we see an exhaustive candle in that area, I feel it’s likely that we will try to reach back towards the lows again. Alternately, if we can break above the 1.25 level, the market should then reach towards the 1.27 level above. Either way, I think you can get a lot of volatility in the British pound.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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