FX.co ★ GBP/USD: technical analysis for June 18, 2013

Trading recommendations:

GBP/USD: According to the previous events, the price has still been trapped between 1.5740 and 1.5650. Buy above 1.5620 with the first target at 1.5680, it might resume to 1.5800. Stop loss should be set below 1.55750. Below 1.5800 look for further downside move with targets at 1.5680 and 1.5555. Stop loss should be set above 1.5845.

Notes:

Resistance: 1.5800 (sell below this level).

Support: 1.5620 (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: 190 pips (weekly).