Date: 17th Jan, 2014
Currency Pair: GBPUSD
GBPUSD is bearish at this moment. In Daily and 4 hours chart we can see a clear downward trend. We can find the immediate support at 1.6317. If the price able to break this level (1st support) then the price would reach the next support i.e. at 1.6281 followed by 1.6249 and then 1.6216.
In upward side we can find 1st resistance at 1.6385 followed by 1.6417 and then 1.6453. At this moment the price is at 1.6329 which is just above 1st support.
If we look at long time frame then we’ll find that 1st support is strong enough to defend the price to go further down. So I expect the price will reverse from 1st support.
Daily Support And Resistance Levels