GBP/USD Signal - August 16, 2013

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By: John Ursus

GBP/USD Signal - August 16, 2013

Entry Zone: 1.5650 – 1.5675
Take Profit Zone: 1.5400 – 1.5425
Stop Loss Zone: 1.5775 – 1.5800

The GBPUSD currency pair has rallied over the past six weeks and currently trades around strong resistance levels posed by its Fibonacci Arc. In addition this currency pair has reached a very solid resistance zone where consolidation should be expected.

The USD is expected to remain weak throughout the rest of 2013, but a minor correction from current levels should be taken into consideration in order to keep the general bullish move by the Pound Sterling intact. Any downward move should be limited to the 1.5200 – 1.5250 support zone from where this currency pair could attempt a breakout into the end of the year.

Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.