Overview:
GBP/USD: The resistance has been already set at the level of 1.6440 (note: the double top is set at the same level), as well as support has been set at 1.6288 for December 6, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6320 and 1.6370, then it should be noted that the range today will be around 105 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.6440. Hence, below 1.6440 look for further downside move with targets at 1.6320, if it can break the support for today (1.6290), so the price will continue towards 1.6250 today. On the other hand, buy above 1.6225 in the short term of the same day with the first target at 1.6375; it might resume to 1.6440 in order to test the strong resistance of this week.
Intraday technical levels:
Date: 6/12/2013
Pair: GBP/USD
Projected High:1,6592 Breakout (Buy Stop):1,6537 Strong Resistance (Sell Limit):1,6507 Current Pivot:1,6351 Strong Support (Buy Limit):1,6195 Breakout (Sell Stop):1,6170 Projected Low:1,6120