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Technical analysis for the GBP/USD 17 Jan 2014

The cable broke up its 50 and 200-4hour moving averages which are signs of strength. The cable changed its trend from down to sideways on 4-hour chart. If sterling manages to break up the area between 1.6464$ & 1.6517$, it will face next resistance at the area between 1.6603$ & 1.6618$ and the main resistance is 1.6746$ .The recent price broke up the middle boundary of the Bollinger Bands which confirms the price strength. The RSI indicator broke up its middle line which gives a sign of strength. The stochastic indicator failed to touch its oversold area which signals more gains. On the downside, first support lies at 1.6384$, second support lies at 1.6308$ and the main support is 1.6219$.

 

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