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GBP/USD Outlook: September, 27 2013

GBP/USD Outlook: September, 27 2013


Cable regained strength on a bounce above 1.6100 barrier, after leaving higher low at 1.6000 and establishing near-term uptrend off 1.5953, 24/09 low. Break above consolidation top at 1.6094, shifts focus towards key barrier at 1.6161, as near-term studies turned positive and price action underpinned by rising 55DMA. Corrective easing on overbought hourly conditions should precede a fresh push higher, with dips allowed towards 1.6050 zone. Resumption of broader uptrend requires clearance of 1.6161 barrier to open initial 1.6200 level, with short-term targets at 1.6300/80, being in play. Only a loss of 1.6000 handle would weaken near-term structure and risk return to the 1.5953 consolidation floor. Resistance: 1.6129; 1.6161; 1.6174; 1.6200

Support: 1.6080; 1.6050; 1.6030; 1.6000

GBP/USD Hourly” title=”GBP/USD Hourly” src=”” height=”400″ width=”800″ />

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