GBPUSD – Weekly Technical Analysis – 01 Jul 2013


The GBPUSD  continued to maintain its bearish momentum last week, topped at 1.5477, bottomed at 1.5165, and closed at 1.5205.

On the downside, the weekly close below 1.5368, opens the way towards 1.5130 levels ahead of 1.4900 levels, break of 1.5165  will accelerate the bearish move towards 1.5130/1.4900 levels.

On the upside, resistance is at 1.5345, a daily close above this level will open the way towards 1.5477 levels, break of 1.5477 on a daily closing basis is likely to weaken the current bearish run and pave the way towards 1.5750 levels.

Note that break of the rising line from 1.4830/1.5008 levels may expose 1.4830 levels on the long run, In all, as long as 1.5345/13447 holds, the pair will remain biased to the downside with risk towards 1.5130 ahead of 1.4900 levels.





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