GBP/USD Outlook: Cable Maintains An Overall Positive Tone
FinFX | Oct 02, 2013 08:13AM ET
GBP/USD
The cable maintains an overall positive tone, as fresh extension of the uptrend from 1.4812 posted new high at 1.6259 on 01/10. Near-term corrective phase is under way with break below 1.6200 handle, hitting 1.6160 so far, Fibonacci 38.2% of 1.5998/1.6259 upleg and previous peak. Negatively aligned hourly studies see risk of further easing, as 4-hour indicators are in descending mode after emerging our of overbought zone, with dips to be ideally contained at 1.61 zone, also 61.8% retracement and near previous high of 26/09. Otherwise, larger bulls may be further delayed for stronger pullback that would focus psychological 1.6000 support. Conversely, clear break above 1.62 barrier to improve near-term structure and shift focus towards 1.6259 and key resistances and near –term targets at 1.6305 and 1.6380.
Resistance: 1.6200; 1.6245; 1.6259; 1.6300
Support: 1.6160; 1.6126; 1.6100; 1.6060
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