FX.co ★ GBP/USD: technical analysis for June 20, 2013

Overview:

GBP/USD: The resistance has already set at the level of 1.5555 as well as the support has also been set at 1.5400. Therefore, according to the previous events, the price has still been trapped between 1.5490 and 1.5420, then it should be noted that the range today will be around 80 pips. Consequently, the trend on the time frame M15 is called for a bearish market at the level of 1.5555. Hence, below 1.5555 look for further downside move with targets at 1.5460 and 1.5400. On the other hand, buy above 1.5400 with a first target at 1.5450; it might resume to 1.5560 tomorrow in order to test the strong resistance for June 17 – 21, 2013.