GBP/USD Weekly Signal- Oct. 7, 2013
By: John Ursus
Timeframe: W1 Recommendation: Short Position
Entry Zone: 1.6125 – 1.6125
Take Profit Zone: 1.5925 – 1.5950
Stop Loss Zone: 1.6250 – 1.6275
The GBPUSD has shown strength, as visible in this W1 chart, which results from a combination of continued US Dollar weakness and strength in the British Pound Sterling. This currency pair now trades near its descending resistance level which has halted each attempt of a bullish breakout so far.
Traders should expect a minor pullback from current levels which should take the GBPUSD back down to its horizontal support level amid higher volatility. A minor correction is needed in order to lose extreme conditions and enable the healthy overall uptrend to resume.
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