GBP/USD: Current outlook for January 16, 2013

January 18, 2013
 
The pair is trading below the 1.6000-1.6060 support-turned-resistance area, which contains the 50-Day SMA and the 100-Day SMA, so we see the risks of additional setbacks towards the 200-Day SMA by 1.5900 or the 1.5750 support. Only a break back above the 1.6000-1.6060 area would negate this scenario and open a fresh upside extension towards the 1.6300 level, with a break and consolidation above to confirm the medium-term upside run towards the 1.6750 high.
 
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