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21/01/15 GBPUSD sees double bottom formation on the daily chart

21/01/15 GBPUSD sees double bottom formation on the daily chart

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

GBPUSD sees double bottom formation on the daily chart supported at 1.5050. Should candles continue to find support at 1.5050 validating the double bottom formation, a movement away from 1.51 towards 1.53 can be expected for the week ahead.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

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Candles were observed to be resisted by the 55 EMA after finding support at 1.5050. A temporary correction from the surge in prices is expected. With the various data releases from the U.K later in the day, high volatility is expected.

 

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

As the retracement continues, the nearest support lies at 1.5104. Should candles continue to fall further, we can expect prices to drop towards 1.5050 where candles may test the support again.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 Bullish 1.5000  1.5050  1.5104 1.5194 1.5223 1.5256

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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