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Forex Technical Analysis GBP/USD 2013-06-18

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Upside bias was limited by cap at 61.80% Fibonacci level of 1.6336 to 1.4824, at 1.5761 and induced prices to extend into sideways trading, fluctuating for the time being in 1.5761/1.5594 range. In addition the higher highs and higher lows created in the daily chart indicate that prevailing trend might become positive in the medium term, however in the near term is likely to see a correction as Stochastic is in the overbought area.


Therefore we expect prices to retreat and possibly breach support at 1.5594, entering in a deeper corrective move and shifting focus to next downside hurdle at 1.5404 which is located slightly above the 100 and 50 SMA. Alternatively, the currency pair could continue fluctuating in 1.5761/1.5594 in the recent term and then attempt to rise above major cap at 1.5761, ahead of next resistance at 1.5883.



 

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