# GBP/USD: Retracement Setup (January 6, 2014) Source: https://www.tradersway.com/resources/market-info/gbp-usd-retracement-setup-january-6-2014/ Language: en Updated: 2014-01-06 Description: Explore GBP/USD: Retracement Setup (January 6, 2014). GBP/USD has. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. GBP/USD has broken past the 1.6500 handle last December but failed to sustain its rallies until the start of this year. This suggests that a huge retracement might be in the cards, as the pair gathers more buying power. The 50% Fibonacci retracement level lines up with an area of interest. As you can see from the chart, the level is also close to the 1.6200 major psychological support level. ![GBP/USD: Retracement Setup (January 6, 2014)] Going long at 1.6225 with a stop below 1.6200 or the 61.8% Fib level could provide the pair enough leeway for a pullback. Stochastic is already in the oversold region, which means that sellers are already exhausted. Aiming for the 1.6500 mark seems to be a reasonable target and could yield roughly a 3:1 return on risk. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbp-usd-retracement-setup-january-6-2014/#primary", "url": "https://www.tradersway.com/resources/market-info/gbp-usd-retracement-setup-january-6-2014/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbp-usd-retracement-setup-january-6-2014/", "headline": "GBP/USD: Retracement Setup (January 6, 2014)", "inLanguage": "en", "datePublished": "2014-01-06T14:13:45+00:00", "dateModified": "2014-01-06T14:13:45+00:00", "articleSection": "Market Info", "description": "Explore GBP/USD: Retracement Setup (January 6, 2014). GBP/USD has. 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