GBPUSD – Weekly Forecast 08 Jul 2013


The GBPUSD continued to decline last week, topped at 15303 and bottomed at 1.4856, now pressure will be on the key support 1.4856, the GBPUSD will have to hold, below the 1.4856 levels on a weekly closing basis to push the market for further downside losses,Is seen it will target the 1.4600 levels where a breach will turn focus on the 1.4300 levels, note that a daily close below 1.4856 is an early warning for further decline towards 1.4700/600 levels.

On the upside, resistance is at 1.5130 ahead of 1.5303, so you may short after rejection on daily from 1.5303/1.5130 levels with a target towards 1.4700 levels, a daily close above 1.5303 would delay the bearish move, but upside above 1.5303 is likely to be contained well by 1.5465 levels before new sell-off starts.




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