GBPUSD – Weekly Forecast 30 Sept – 04 Oct 2013

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The GBPUSD continued its bullish momentum last week but was rejected from the key resistance 1.6154, now the pressure will be on the 1.6154 levels.

The GBPUSD will have to hold above the 1.6154 levels on a weekly closing basis to push the market for further upside gains If seen, It will target the 1.6396 levels where a breach will turn the focus on the 1.6440 levels, further upside will aim 1.6750 levels.

Alternatively, a failure to hold above the 1.6154 levels could mean a return to the 1.5715/850 levels, a halt is strongly suggested, but losing 1.5716 will turn the focus on the 1.5426 levels.

In all, the GBPUSD will remain biased to the upside as long as 1.5716/850 levels hold with risk towards 1.6154/1.6400 levels, below 1.5716 would delay the bullish move for retesting 1.5426 levels.

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (pivot) , 1.5505 ,1.5716  , 1.5954, 1.6154 , 1.6380, 1.6440,1.6750

Trend Strength (Weekly Chart):

Bullish: above 1.5716

Neutral: below 1.5716

Bearish: below 1.5426

Recommendations: Buy on the break of 1.6162 (daily basis), or buy after rejection above 1.5955 or 1.5716 ( daily basis ).

 

GBPUSD – Weekly Chart

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