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Analysis of the closing month of January, the week and on Friday the currency pair GBPUSD:
To install the MT4 template to the forecast, I recommend to choose a broker FxPro or Alpari and update the archive of quotations >>
1) The first thing to note is closed on Friday, January monthly candle. In January, the price continued to decline and has already made its way below the dark blue and light blue channels that already talking about a possible continuation of the decline. Monthly candle closed with a black body and a small tail at the bottom.
2) On the weekly chart, the price tried to fight back up from the black channel, however, the lower limit of the light-blue channel did not allow this to go deeper correction. While the price is between the light blue channel line and the lower boundary of the black channel. Week closed with a small black body with a more pronounced and black tail.
3) On the daily chart the price of the whole week was between light blue and black channels. On Thursday, the price tested the light blue channel and went down. Friday's candle went by the black line of the channel bottom and closed almost at the very lines with a black body and a more pronounced tail below.
Support levels are located below the closing price of the week:
- The lower limit of the black channel continues to work long-term and on the hourly chart, but we still will be interested in it daily candle closing with respect to the line.
- The pink line, built at least 21 and 29 January. From this line of retreat is possible. The breakdown of this line - the signal to reduce the continuation.
- A minimum of 21 January. This extremum can also support the price. Break it open the way to further decrease.
- At the bottom of the graph is not a lot of lines and levels, and pull signals are not very desirable. In any case, the price is not very fond of walking in the void and probably even draw different lines.
Resistance levels are located above the closing price of the week:
- 38.2 Fibonacci level of the last drop. The price is just at this level. Break it points to a possible upward movement.
- Turquoise line coincides with the Fibonacci levels of 61.8 from last drop. From these levels able to finish hang down. Break open the way to the blue downlink.
- The lower limit of a light blue long-term channel. Although this line refers to older time intervals on hourly interval it also worked pretty well last week. The probability of a release from her there, the more it also enhanced the level of Fibonacci 38.2 from a maximum on 24 December. The breakdown of this line will open the way to deepen upward correction.
- The lower limit of the violet channel coincides with the lower channel line of gray. From these lines it is possible to hang down. Trial and testing - the signal for continued growth.
