GBPUSD Fundamental & Technical Analysis (April 2, 2013)

The GBPUSD rose more than 40 pips in yesterday’s session. Today, the cable could define completely the trend for this week.

In the fundamental outlook for today, we must pay attention to the Manufacturing PMI, which has a previous reading of 47.9 and has a forecast of 48.9. A reading higher than the forecasted, would lead the GBPUSD to a bullish road.

In the technical analysis, we can observe in the daily chart, the development of a triangle pattern, which is formed with a bullish trendline and a resistance at 1.5255. If it does a breakout in such resistance, the GBPUSD can be looking at long-term, to bullish objectives at the resistance in 1.5531. Furthermore, if it does a breakout of the bullish’s trendline, the cable could be falling to the support at 1.5100. The MACD indicator is in positive territory and I still can see upward force to the cable.

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