GBPUSD – Weekly Forecast 11-15 Nov 2013

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Recommendations: SHORT positions around 1.6117  with 1.6000 & 1.5893 as next target.
Alternative scenario:The upside breakout of 1.6259 will open 1.6380/1.6440.
Description:A short term top has been confirmed at the the 1.6259 levels, stability below this level will keep the pair under pressure with risk towards the 1.5893 levels, losing the 1.5893 levels will have large bearish implication towards the 1.5750 ahead of 1.5426 levels.On the upside , to resume its upside offensive, sustained break above 1.6259 is needed ,If seen the pair will target 1.6380 ahead of 1.6440 levels, but I’d expect strong resistance from 1.6380/1.6440 to contain any rise and bring reversal.

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (main) , 1.5505 ,1.5716  ,1.5893(main),1.6117, 1.6259 , 1.6380, 1.6440,1.6750, 1.7000

 

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