GBPUSD - Weekly Forecast 30 Sept - 04 Oct 2013

The GBPUSD continued its bullish momentum last week , but was rejected from the key resistance 1.6154, now 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 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 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

GBPUSD - Weekly Forecast 30 Sept - 04 Oct 2013

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