FX.co ★ GBP/USD: technical analysis for October 10, 2013

Overview:

GBP/USD: The resistance has been already set at the level of 1.6090 (the weekly pivot point sets at the level of 1.6093) as well as the support has been set at 1.5840 for August 10 - 11, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6000 and 1.5935, then it should be noted that the range today will be around 88 pips. Consequently, the trend in H1 time frame is calling for a bearish market at the level of 1.6090. Hence, below 1.6090 it looks for further downside move with targets at 1.5925 and 1.5840 today. On the other hand, buy above 1.5840 with the first target at 1.5885; it might resume to 1.5925 in order to test the strong support of this week (1.5925).