FX.co ★ GBP/USD: technical analysis for September 24, 2013

Overview:

GBP/USD: The resistance has been already set at the level of 1.6058 as well as the support has been set at 1.5875 for September 24, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5950 and 1.5980, then it should be noted that the range today will be around 65 pips. Consequently, the trend in the H4 time frame is calling for a bearish market at the level of 1.620. Hence, below 1.6020 look for further downside move with targets at 1.5960, if it can break the support for today (1.5917), so the price will continue towards 1.5890 today. On the other hand, buy above 1.5875 for short term of the same day with the first target at 1.5900; it might resume to 1.5965 tomorrow in order to test the strong resistance of this week.

Intraday technical levels:

Date & Time: 24/09/2013 14:07

Pair: GBP/USD

Projected High: 1.6636

Breakout (Buy Stop): 1.6581

Strong Resistance (Sell Limit): 1.6551

Current Pivot: 1.5835

Strong Support (Buy Limit): 1.5120

Breakout (Sell Stop): 1.5095

Projected Low: 1.5045