GBP/USD’s Break Above Important Resistances

June 9, 2013 in Chart Alert

GBP/USD’s strong jump has seen the breaks of some important resistances. We had talked about some of these these in this chart alert during last weekend.

Break above 200=day moving average.

GBPUSD broke the 200-day moving average first time since middle of January 2013. Though the weekly closing was slightly below that level but the pair saw a price action above this resistance for 2 trading days.

GBP/USD and 200 day moving average

GBP/USD breaks 200 day moving average resistance

Break over 50% retracement

The currency pair also tested and broke the 50% retracement of the downward move from 1.6381 to 1.4831. Again the weekly closing was below this level but the break certainly brings in some bullish sentiments for the near term and a possibility to test the 61.8% retracement.

GBP/USD and retracement levels

GBPUSD and retracement levels

Important Support level

Important supports for GBP/USD

Based on the earlier price action we expect the 1.5376/1.5385 resistance to act as support now.

 

GBP/USD and daily Ichimoku cloud

Apart from the above mentioned supports the currency pair had also broken over the daily Ichimoku cloud. Now the first level support can be expected at Tenkan line level i.e. near 1.5438.

GBPUSD and daily ichimoku cloud

You may also like to check the weekly GBPUSD outlook.

Comments are closed.