It should be noted that the market was so stable and the trend was also so clear (upward).
Range was: 122 pips (upward).
The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.55196. (The key level to confirm a bullish market for next week).
Volatility is 280.50 thus the market has called for a high volatile.
Overview:
GBP/USD:
The resistance has been already set at the level of 1.5598 as well as the support has been set at 1.5598 for September 6, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5580 and 1.5600, then it should be noted that the range today will be around 95 pips. Consequently, the trend in the 1H time frame is calling for a bullish market at the level of 1.5600. Hence, above 1.5600 look for further upside move with targets at 1.5645, if it can break the resistance for today (1.5645), so the price will continue towards 1.5695 today. On the other hand, sell below 1.5635 with the first target at 1.5580; it might resume to 1.5595 tomorrow in order to test the strong support of this week.
Intraday technical levels:
Support: 1.5598.
Resistance: 1.5693
- It should be noted that the range today: 95 pips.
