GBPUSD Daily Forecast Mar 20 2014


The GBPUSD maintained a bearish momentum yesterday , printed resistance at the 1.6653 levels . This development leaves the pair targeting the 1.6425 levels , a halt is likely , but losing the 1.6425 levels will turn focus on the 1.6315 levels , more losses will aim the  1.6215 levels.

On the upside , a bullish correction towards the 1.6568 is an option , stability below this level will keep the pair under strong negative pressure , break of this level should weaken the current bearish run and open main resistance at the 1.6653 levels , this level should limit any upside move and bring reversal , but If this important resistance is taken out on a daily basis , sooner or later the pair will recapture the 1.6740 levels , more gains will aim the 1.6821 levels.

In all , as long as resistance 1.6653 holds on a daily closing basis , the GBPUSD will remain based to the downside towards the 1.6425 levels , break of the 1.6653 levels will reverse risks towards the 1.6740/1.6821 levels.


GBPUSD Daily Forecast Mar 20 2014