Forex Technical Analysis GBP/USD 2012-06-28
- 2013-06-18
- 2013-06-10
- 2013-05-31
- 2013-05-23
- 2013-05-15
- 2013-05-07
- 2013-04-24
- 2013-04-15
- 2013-04-05
- 2013-03-28
- 2013-03-20
- 2013-03-12
- 2013-02-22
- 2013-02-13
- 2013-01-21
| Levels | Value |
| RES 3 | 1.5912 |
| RES 2 | 1.5786 |
| RES 1 | 1.5662 |
| SUP 1 | 1.5538 |
| SUP 2 | 1.5444 |
| SUP 3 | 1.5272 |
After finding resistance at 1.5786 in the previous week, the British pound versus the US dollar dropped to 1.5538, where it created a strong support. The British pound has been under pressure this week amid lower U.K Loan Approvals for House Purchases and possible increase in Quantitative Easing next week due to worsened economic outlook in Europe. Looking at the chart, in case the 1.5538 is violated the 1.5444 is the next support that could hold the down move, otherwise further down move could lead to the support 1.5272. On the contrary, first resistance is at 1.5662, in case it’s penetrated, the 1.5786 resistance could hold any attempt to higher prices being the 50 per cent of the last downward move from 1.6304 on April 30th to 1.5272 on June 1st. Oscillators are providing possible bearish signals, the Momentum(7) and the OsMA are falling as well as there is room to move lower. At the same time, the Stochastic is touching its 25 per cent line and could find resistance there.
