GBPUSD – Weekly Forecast 07-11 Oct 2013


The GBPUSD maintained some bearish momentum last , bottomed at the 1.6004 levels ,and  topped at the 1.6259 levels, now pressure will be on the 1.6004 levels.

The GBPUSD will have to hold below the 1.6004 levels on a weekly closing basis to push the market for further downside losses ,If seen ,It will target the 1.5716/1.5750 levels where a breach will turn focus on the 1.5426/1.5500 levels .

Alternatively, a failure to hold below the 1.6004 levels could mean a return to the 1.6259 levels, a halt is suggested , but a clear break above the 1.6259 levels would open the 1.6440 levels, further upside will aim the 1.6750 levels.

In all , the GBPUSD is likely to consolidate with upside bias as long as the 1.6004 levels hold on a weekly closing basis,losing the 1.6004 levels will confirm short term topping  and flip bias to the downside .

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (main) , 1.5505 ,1.5716  ,1.6004(main), 1.6259 , 1.6380, 1.6440,1.6750

Trend Strength (Weekly Chart):

Bullish : above 1.6004

Neutral : below 1.6004

Bearish : below 1.5426

Recommendations : buy after rejection above the 1.6004 levels ( daily basis ),OR short after rejection below the 1.6004 levels (daily basis) , for more details stay tuned for daily chart updates .





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