GBPUSD Technical Analysis for June 17, 2013

The GBPUSD continues to strengthen its bullish trend in the long term, but we must be aware of the significant levels of resistance that are in the way.

GBPUSD is forming a lower high pattern ressistencia below the level of 1.5726. If the cable does break the resistance,would be expected to rise to the level of 1.5828. On the other hand, is likelythat the GBPUSD will make a bearish rebound in the level 1.5726 and if the pair gets to make that rebound, it’s expected to fall to support at the 1.5610 level. If the GBPUSD manages to break this support, it is expected to fall to the level of 1.5515. For now, the bullish outlook still alive in this pair in the medium and long term, however, we must bear in mind that the GBPUSD is very overbought and this may lead to the cable to do consolidation movements during this week, but we have watch out for high-impact economic data to be released this week and will take effect on the GBPUSD.

The MACD indicator is in extreme overbought territory and positive, so we could see that the GBPUSD perform movements in low range at the beginning of this week.

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