Overview:
GBP/USD: The resistance has been already set at the level of 1.6460 (minor resistance) as well as the support has been set at 1.6294 (the weekly pivot point) for December 3, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6440 and 1.6390, then it should be noted that the range today will be around 83 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.620. Hence, below 1.6020 look for further downside move with targets at 1.5960, if it can break the support for today (1.5917), so the price will continue towards 1.6490 today. On the other hand, buy above 1.6290 for short term of the same day with the first target at 1.6450; it might resume to 1.65 tomorrow in order to test the strong resistance of this week.
Intraday technical levels:
Date & Time: 3/12/2013 12:33
Pair: GBP/USD
Projected High:1.6626 Breakout (Buy Stop):1.6571 Strong Resistance (Sell Limit):1.6541 Current Pivot:1.6391 Strong Support (Buy Limit):1.6241 Breakout (Sell Stop):1.6216 Projected Low:1.6166