GBP/USD Outlook: September, 3 2013
FinFX | Sep 03, 2013 06:11AM ET
The Cable regained some strength on a bounce from the 1.5461 higher low, and approached the psychological 1.5600 barrier. A failure to break higher will see an increased downside risk, as the price reversed to 1.5530 where a temporary footstep was found at 55 DMA. Holding above the latter would keep the fresh upside attempts in play, as the 4-hour indicators are pointing higher and breaking above their midlines. A regain of 1.5600 and 1.5636 is required to confirm a higher low and to shift focus towards the 1.5700/16 barriers. Alternatively, a loss of 1.5530 and the psychological 1.5500 support would increase risk of a fresh weakness, and that would bring key short-term support and pivotal point at the 1.5420/00 zone in to focus.
Resistance: 1.5592; 1.5636; 1.5700; 1.5716
Support: 1.5530; 1.5500; 1.5461; 1.5427
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