GBPUSD Daily Forecast Jun 13 2014

Pound-Dollar-7676-ert

The GBPUSD  maintained a strong bullish momentum yesterday, topped at the 1.6930 levels and printed support at the 1.6783 levels. This development leaves the pair targeting the 1.6995 levels, a halt is likely, but a break would open 1.7075 next, further upside will aim the 1.7175 levels.

On the downside, support comes at the 1.6845 levels ahead of 1.6783 ( main), stability above support levels will keep the bullish momentum intact, however; losing the 1.6783  levels on a daily closing basis will reverse risks towards the 1.6737/1.6692 levels, before the next possible rise. Losing the 1.6992 will open 1.6600/1.6458 levels…

In all, as long as support 1.6783  holds on a daily closing basis, the outlook in GBPUSD  remains on the upside towards the 1.6995 levels ahead of the 1.7075 levels. Below 1.6783 will reverse risks towards the 1.6737/1.6992 levels…….

Note that stability above the 1.6930 on a daily closing basis will make the pair very bullish, If seen we have 2 options :

1- 1.6930 will serve as support ( buy on dips ), a sudden rise couldn’t be ruled out towards 1.7075 levels and possible higher towards 1.7175…..

2. If 1.6930 fails on a daily basis. outlook will turn from bullish to neutral for retesting the 1.6845/1.6692 levels before the next rise  …

GBPUSD Daily Forecast Jun 13 2014

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