GBPUSD – Daily Technical Analysis – 04 Jun 2013

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The GBPUSD maintained a bullish momentum yesterday. Topped at the 1.5375 level and closed at 1.5320. Now the pressure will be on the key resistance 1.5375. The GBPUSD will have to hold above the 1.5375 on a daily closing basis to push the market for further upside gains, If seen, it will target the  1.5475 levels ahead of 1.5600 where a breach will turn the focus on the 1.5745 levels.

Alternatively, a failure to hold above the 1.5375 levels, could mean a return to the 1.5007 levels, but it needs to overcome the 1.5230 levels to retest the 1.5007 levels, If 1.5007 fails on a daily closing basis, expect the pair to weaken further towards the 1.4830 levels even below.

In all, as long as 1.5007/1.5230 holds, the GBPUSD is likely to return to its upside bias even in case of a bearish correction.

Recommendations: buy the GBPUSD into weakness with a target of around 1.5475.

GBPUSD – Daily Technical Analysis – 04 Jun 2013

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