Overview:
GBP/USD: The resistance has been already set at the level of 1.6233 as well as the support has been set at 1.5966 for September 20, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6050 and 1.6100, then it should be noted that the range today will be around 65 pips. Consequently, the trend in the 1H time frame is calling for a bearish market at the level of 1.6233. Hence, below 1.6233 look for further downside move with targets at 1.6060, if it can break the support for today (1.6040), so the price will continue towards 1.5966 today. On the other hand, buy above 1.5966 with the first target at 1.6025 in order to test the strong resistance this week.
Intraday Technical Levels:
Date & Time: 20/09/2013 15:28
Pair: GBP/USD
Projected High: 1.6226
Breakout (Buy Stop): 1.6171
Strong Resistance (Sell Limit): 1.6141
Current Pivot: 1.6029
Strong Support (Buy Limit): 1.5916
Breakout (Sell Stop): 1.5891
Projected Low: 1.5841
