The GBPUSD  maintained a strong bullish momentum yesterday ,topped at the 1.6930 levels and  printed support at the 1.6783  levels .This development leaves the pair targeting the 1.6995  levels , a halt is likely , but a break would open 1.7075  next , further upside will aim the 1.7175 levels.

On the downside , support comes at the 1.6845 levels ahead of 1.6783 ( main) , stability above support levels will keep the bullish momentum intact , however ; losing the 1.6783  levels on a daily closing basis will reverse risks towards the 1.6737/1.6692 levels , before the next possible rise. Losing the 1.6992 will open 1.6600/1.6458 levels…

In all , as long as support 1.6783  holds on a daily closing basis , outlook in GBPUSD  remains on the upside towards the 1.6995 levels ahead of the 1.7075 levels .Below 1.6783 will reverse risks towards the 1.6737/1.6992 levels…….

Note that stability above the 1.6930 on a daily closing basis will make the pair very bullish , If seen we have 2 options :

1- 1.6930 will serve as support ( buy on dips ), sudden rise couldn’t be ruled out towards 1.7075 levels and possible higher towards 1.7175…..

2. If 1.6930 fails on a daily basis . outlook will turn from bullish to neutral for retesting the 1.6845/1.6692 levels before the next rise  …

Written by

Views: 302


Comment by anthony on June 13, 2014 at 5:56am
Comment by Saqib Iqbal on June 13, 2014 at 6:08am

I think selling around 6995 is safe to grab around 80 pips


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


Join us on Facebook Now!!!

Hi everyone

This website was closed June 2nd 2015.

Please, join us now at Facebook where you can keep sharing your thoughts about Forex with our community of traders:

OVER 2,500 READERS!!!!

© 2015   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service


Live Video