Written By : ForexAbode.com || Saturday, 19 January 2013 00:00 GMT

GBP/USD Weekly Outlook - Jan 19, 2013

British Pound - US Dollar (GBP/USD) could not break over 1.6180 which we had mentioned during last weekend. The currency pair failed at 1.6179 and fell sharply. The fall took it beyond the mentioned 1.5882 and the pair went as low as 1.5853 before closing for the week at 1.5871. The important point about the recent fall is the break of the key 200-day support level. Please check this GBP/USD alert to check on this. Last week's price action makes the immediate outlook bearish and we expect some more consolidation towards the previous support of 1.5828 which is incidentally the 50% retracement of the upward gains from 1.5269 of June 1st 2012 to the recent 1.6381. In case that support breaks then further downward move towards 1.5690/1.5695 cannot be ignored. Such a move will represent 61.8% retracement of the above mentioned upward gains. Please check the same alert as mentioned above for the details. On the upside the 200-day moving average is expected to work as resistance now and hence we would expect resistance near 1.5950. Any decisive break over 1.5950 will neutralize the above mentioned outlook.

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