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Technical analysis GBP/USD

GBP/USD made a valid attempt at rebound in the final week of January, yet the limit stayed well below 1.6057 resistance and eventually weakened. Initial bias remains neutral for the upcoming week and more consolidations could still be achieved below 1.6057. Nevertheless, even if there was another drop the pair is expected to remain bullish in the short term. This depends on how well 1.5664 resistance turned support holds and whether the rise from 1.5343 is allowed to continue. Above 1.6057 should resume the rise to 1.6298 first. Still, break of 1.5664 will be proof that a rebound from 1.5343 is completed and focus should shift back to support.
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The contents of this report are for information purposes only. It is not intended as a recommendation to trade. Intertrader do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

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