GBPUSD – Monthly Forecast Oct 2013

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The GBPUSD maintained a bullish momentum last month, topped at the 1.6202 levels, now pressure will be on the 1.6202 levels.The GBPUSD will have to hold above the 1.6202 levels on a monthly closing basis to push the market for further upside gains,If seen,It will target the 1.6580 levels where a breach will turn focus on the 1.7000 levels.

Alternatively, a failure to hold above the 1.6202 levels could mean a return to the 1.5200/1.5500 levels, at this point we might see reversal to the upside towards the 1.6200 levels and beyond , but If 1.5200 fails expect the market to weaken further towards the 1.4813 levels, losing this level would delay the bullish move for retesting the 1.4200 levels before the next move.

In all, the GBPUSD will remain biased to the upside with risk towards the 1.6500/1.7000 levels as long as the 1.5200/1.5500 levels hold, only losing 1.5200 would reverse risks to the downside!

 

MARKET DATA

UPCOMING ECONOMIC EVENTS