FX.co ★ GBP/USD: technical analysis for November 13, 2013

Overview:

• GBP/USD: The resistance has already been set at the level of 1.6012 as well as the support has been set at 1.58008 for November 13 - 15, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5940 and 1.5860, then it should be noted that the range today will be around 105 pips. Consequently, the trend in the 1H time frame is calling for a bearish market at the level of 1.6000. Hence, below 1.6012 look for further downside move with targets at 1.5900, if it can break the support for today (1.5900), so the price will continue towards 1.5803 today.
• On the other hand, buy above 1.5800 for a short term with the first target at 1.5840; it might resume to 1.5954 tomorrow in order to test the Fibonacci retracement levels at 23.6%.

Intraday technical levels:

Date & Time: 13/11/2013 03:01

Pair: GBP/USD

• R3: 1.6116
• R2: 1.6054
• R1: 1.5978
• PP: 1.5916
• S1: 1.5840
• S2: 1.5778
• S3: 1.5702