GBPUSD Technical Analysis for June 24, 2013

Last week, the GBPUSD was very bearish, making consolidation movements below the 200 day moving average.

The GBPUSD is forming a higher low pattern, trying to break the support at the 1.5382 level. If the GBPUSD manages to break this support, it is expected to fall to the level of 1.5229. On the other hand, if the GBPUSD manages to make a bullish rebound in that support, is expected to rise again to the level of 1.5529, which houses the 200 day moving average. For this week, we could expect more bearish movement in the GBPUSD, because the GBPUSD is doing many bearish patterns on smaller charts and in addition, this pair is below the 200 day moving average. Also, it is possible that further falls continuing next week in the cable, because the GBPUSD could not completely overcome the 200 day moving average.

The MACD indicator is in negative territory, which would support our bearish outlook for this pair.

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