GBPUSD 2015-01-29

GBP/USD: 1.5125

Pound under drop pressure

market managed to fell after ECB announced QE program , while market managed to break below 1.5035 which initiate new downtrend wave that may target 1.4800 as first target

below 1.4800 market may add more drop pressure where target would be toward 1.4300-1.4400 zone

so far market still holding trades above support 1.4800 which managed to push the market for some rebound correction , where zone of 1.5230-70 will consider good zone to re-short-sell market , while market risk will be if Pound managed to jump above 1.5350 ….. (market managed to hit high only of 1.5222 yesterday )

as long as market holding trades below 1.5350 market may have chance for another drop to re-test 1.4800-50 zone , while above 1.5350 market will start showing more signals of ability for bigger rebound toward 1.5600

short-run

as long as market holding trades below 1.5270 another test toward 1.5040 will be expected

Daily Trend: Down
Weekly Trend: Down

	Support	Resistence
Level 1	1.5030-60	1.5230-70
Level 2	1.4950	1.5330-50
Level 3	1.4800-50	1.5480