GBP Trading Outlook (21-01-2016)

GBP/USD Intraday: key resistance at 1.423.

Pivot: 1.423

Our preference: short positions below 1.423 with targets @ 1.4125 & 1.408 in extension.

Alternative scenario: above 1.423 look for further upside with 1.427 & 1.432 as targets.

Comment: as long as 1.423 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
1.432 ***
1.427 ***
1.423 ***
1.4188 Last
1.4125 **
1.408 *
1.4005 *

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