GBP/USD H4 and Daily Analysis

General overview for 19/01/2016:

(the previous analysis of this pair might be seen here)

The impulsive wave progression to the downside has not been completed yet as there are
some sub-waves missing. In order to complete the cycle, the market must make the corrective
 cycle labeled as wave iv and then move below the last local low at the level of 1.4234. Please
 notice that even this lower breakout will not terminate the impulsive wave progression – it will
be only the  wave (iii) bottom. There is still a room for a further lower prices and downside
pressure will persist.

Support/Resistance:

1.4083 – WS1
1.4234 – Local Swing Low
1.4344 – Weekly Pivot
1.4436 – WR1
1.4473 – Wave iv Target Projection
1.4694 – WR2

Trading recommendations:

Swingtraders should keep the sell orders open as the down trend has not been completed yet.

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