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Technical Analysis of GBP/USD dated 2015.01.15

GBP/USD from 2014.07.04 is in a strong and without reformation descending trend that could experience a good price reduction could record the bottom price of 1.50335.Right now this bottom price is fixed(Daily TF) by an ascending candle which there are hammer candlestick patterns in this bottom price that shows the possibility of formation of a bottom price and then ascending of the price.With closing of the yesterday bullish candle, there is the potential for more ascending from the bottom price of 1.50335.

Stoch indicator in 1 H time frame is in saturation sell area that confirms the bottom price of 1.51550 and warns about the possible uptrend during the next candles.Generally according to the current situation and also price is in a saturation sell area , until the bottom price of 1.50335 is preserved, there is the potential for ascending of price and reformation of descending trend.

Written by the technical team of PipSafe Company

GBP/USD Chart

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