GBP/USD: prospects are not bright

January 21, 2013

GBP/USD tested $1.5842 today and then returned to $1.5890 recoiling up from strong support. Yet, experts say it may be just a ‘dead cat’s bounce’ – a short jump ahead of further decline. The most sensible strategy seems to be selling on sterling’s attempts to recover and it may be kept in place as long as pound’s trading below $1.6000.    

Resistance: $1.5900, $1.5930 (55-, 100-week EMA), $1.5950 (200-day EMA), $1.6000. 

Support: $1.5830, $1.5800, $1.5750.

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