FX.co ★ GBP/USD: technical analysis (bearish outlook) for September 11, 2013

Overview:

GBP/USD: (bearish outlook)

The resistance has been already set at the level of 1.5800 as well as the support has been set at 1.5710 for September 11, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5780 and 1.5750, then it should be noted that the range today will be around 73 pips. Consequently, the trend in the H4 time frame is calling for a bearish market at the level of 1.5800. Hence, below 1.5800 look for further downside move with targets at 1.5750, if it can break the support for today (1.5750), so the price will continue towards 1.57055 today. On the other hand, buy above 1.5830 with the first target at 1.5900; it might resume to 1.5950 tomorrow in order to test the strong resistance of this week.

Note:

Resistance will be set at the level of 1.5800

Pivot point: 1.5605.