GBPUSD – Weekly Forecast 16-20 Sept 2013

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The GBPUSD maintained a strong bullish momentum last week , broke above the key resistance 1.5844 ,and topped at the 1.5884 levels, the weekly close above  the 1.5884 levels is likely to open the 1.6150 levels, a breach will turn focus on the 1.6380 levels, further upside will aim the 1.6440 level where halt is suggested , but sustained break above the 1.6440 levels will have large bullish implication towards the 1.7500/1.8300 levels.

On the downside, a weekly close back below the 1.5844 levels , is an early sign for a false break above the 1.5844 levels, stability above the 1.5844 levels will add pressure on the 1.6150/440 levels; support comes at the 1.5505 ahead of the 1.5426 levels , losing  1.5426 will open the 1.5204 levels , further downside will aim the 1.4813 levels.

In all, as long as the 1.5426 levels hold on a weekly closing basis , the pair will remain biased to the upside with risk towards the 1.6150/440 levels.

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (pivot) , 1.5505 , 1.5844 , 1.5884, 1.6154 , 1.6380, 1.6440

 

Trend Strength (Weekly Chart):

Bullish : above 1.5426

Neutral : below 1.5426

Bearish : below 1.5204

 

GBPUSD – Weekly Chart

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