GBPUSD 2015-01-20

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GBP/USD: 1.5125

Pound under drop pressure

market managed to hit 1.5035 low before rebounding 2 weeks ago

market rebound above support level of 1.5100 which indicating ability for farther rebound correction

as long as market holding the weekly close above 1.5100 the ability for short-run to obtain rebound correction will sustain where 1.5270 would be possible targets , already done at market last week

any weekly close below 1.5100 market may enter new downtrend wave which may target 1.4800 and lower

resistance at 1.5340 where as long as market holding trades below this level the downtrend pressure will sustain

Daily Trend: Down
Weekly Trend: Down

  Support Resistence
Level 1 1.5100 1.5270
Level 2 1.5000 1.5340
Level 3 1.4925 1.5460


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