GBPUSD – Weekly Technical Analysis – 17 Jun 2013

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The GBPUSD continued to maintain its bullish momentum last week. Topped at 1.5737, and closed at 1.5703.With a break of 1.5683 levels. The next resistance would be 1.5900. Stability above 1.5900 on a weekly closing basis will open the way towards 1.6200 levels.

On the downside. Support is at 1.5630 ahead of 1.5487. As long as the pair trades above those levels. It’s likely to return to its upside bias with risk towards 1.5800/900 levels, losing 1.5487 will turn daily bias from bullish to neutral, downside below 1.5487 -If seen – is likely to be limited by 1.5190/1.5380 where strong rise from those levels is suggested. Note that the pair has been rejected from 1.5630 last Friday, a break of 1.5737 will target 1.5800/900 levels.

Recommendations: Buy after rejection above 1.5630 with a target towards 1.5800/900 levels, or sell cautiously after rejection on daily from 1.5900/800 levels with a target towards 1.5630 and 1.5500 as a second target.

MARKET DATA

UPCOMING ECONOMIC EVENTS

1 COMMENT

  1. GBPUSD found bid last week at 1.5615, next resistance is 1.5900, only a 4 hour close below 1.5615 would reverse risks to the downside towards 1.5485 levels.

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