GBPUSD – Daily Forecast 13 Aug 2013

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The GBPUSD maintained some bearish momentum yesterday, topped at 1.5521, bottomed at 1.5458 levels, now pressure will be on the key support 1.5458 , the GBPUSD will have to hold below the 1.5458 levels on a daily closing basis to push the market for further downside losses,If seen, a short-term top will be confirmed at 1.5575, next support is at the 1.5355 levels, a breach will turn the focus on the 1.5200 levels, but downside below the 1.5458 levels is likely to be contained well above the 1.5200 levels.

Alternatively, a failure to hold below the 1.5458 levels is likely to recapture the 1.5520 levels with a breach, If seen, next resistance is the 1.5675 levels, a further break will aim the 1.5850 levels.

In all, short-term view is bearish below the 1.5458 levels, but above the 1.5200 levels is bullish in the medium term with a focus on the 1.5850 levels.

Today focus will be on CPI from UK and Core Retail Sales from the United States.

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