GBPUSD – Daily Technical Analysis – 13 Jun 2013

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The GBPUSD continued to maintain its bullish momentum after breaking above 1.5630/1.5687 levels. Next resistance is at 1.5803 ahead of 1.5878. Stability above 1.5878 on a daily closing basis will have a large bullish implication, and sooner or later the pair will target 1.6060 ahead of 1.6250.

On the downside. Note that rejection from 1.5803/1.5878 levels is suggested.  Support is at 1.5630. A daily close below this level would weaken the current bullish run and pave the way towards 1.5487. If seen Intraday bias will turn from bullish to sideways. If 1.5487 fails, expect the pair to weaken further towards 1.5190 levels.

In all, as long as 1.5487/1.5630 holds the pair is likely to return to its upside bias, even in case of a bearish correction.




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