FX.co ★ GBP/USD: technical analysis for June 4, 2013

GBP/USD:

Resistance: 1.5380 (sell below this level).

Support: 1.5200 (buy above this level for retesting this level for a short period).

Trend (time frame: H1/H4): Upward (there is still an ongoing bullish trend).

Range: 230 pips (weekly).

Trading recommendations:

According to the previous events, the price is still between the levels of 1.5300 and 1.5270.

The descending movement will probably be lower than the 1.5380 level with the first targets at 1.5300 and 1.5245.

Buy deals are recommended above 1.5215 with targets at 1.5285 and 1.536.

Technical levels (weekly):

Projected High: 1.5554

Breakout (Buy Stop): 1.5499

Strong Resistance (Sell Limit): 1.5469

Current Pivot: 1.5124

Strong Support (Buy Limit): 1.4779

Breakout (Sell Stop): 1.4754

Projected Low: 1.4704