GBPUSD : Could reach 1.6400/700 in 2013 , resistance at 1.5507 !

The GBPUSD continued to maintain its bullish momentum the past few weeks, now pressure will be on the key resistance 1.5507 - high of the week 17 Feb 2013 , this level is a pivotal in the medium/long term outlook, to resume its upside offensive , a break and hold above 1.5507 on a weekly closing basis is needed,If seen, we would have 2 scenarios :

Scenario A : the pair will hold above 1.5507 before attacking 1.5775 ahead of 1.6000 levels, break of 1.6000 will target 1.6400 levels.

Scenario B : the pair is likely to pullback below 1.5507 levels before the next rise towards 1.5755/ 1.6000 levels, so the pair could retest the 1.5200/1.5000 levels, strong support should be seen here and rebound to the 1.5755/1.6000 levels is likely from this level , but in a strong bearish correction ,it might dip to the 1.4830 -double bottom - before flying towards 1.6000 levels.In all , If 1.5507 is taken out, the pair will remain baised to the upside even in case of bearish correction .

On the downside, a failure to hold above  the 1.5507 levels on a weekly closing basis , could mean a return to the 1.4830 levels, a break below 1.4830 will have large bearish implication towards 1.4000 levels.

If we take a quick look to the monthly chart, fall from 1.6380 was rejected by price action around 1.4800 levels with hammer - bullish reversal candle - added to that %(R) indicator is diverging the price positively ,a monthly close above 1.5260 - March 2013 high - followed by a weekly close above 1.5507 is likely to have large bullish implication towards 1.6400/750 levels by the end of 2013 !!

Best Regards

Haitham

Views: 455

Comment by Sardar Uddin on April 28, 2013 at 2:59am

Nice post as usual

GBPUSD is moving in ascending channel. At daily Chart 1.522 level can be crucial level on the lower end, break of this zone will end upward move . On the same note break of  1.566 level will further strengthen long move and may move to test previous year highs. Best

-Sardar Uddin

Comment by Alexander on April 28, 2013 at 3:01am

Thank's Haitham! You r best! 

Thanks Sardar too!

Comment by Rahman khan on April 29, 2013 at 4:05pm

thank you so much sir for gbp/usd update

Comment

You need to be a member of Forex Social Network to add comments!

Members

© 2020   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service