GBPUSD Fundamental & Technical Analysis (April 10, 2013)

In the yesterday session, the GBPUSD was moving in ranging, showing an unclear trend in the short term for this pair.

The GBPUSD is facing with a resistance level at 1.5369. The cable is currently developing a lower high pattern, which, if it does a breakout at the resistance level in 1.5369, the cable can look to the objectives in the medium term until the next resistance level of 1.5554. On the other hand, the lower high pattern may fail and the GBPUSD may fall to the support level at 1.5093. If the cable does a breakout in the support level of 1.5093, the GBPUSD could have another drop to the next support level at 1.4896. Be very careful with the movements that the GBPUSD is currently undertaking, since it demonstrates a clear indecision of this pair.

The MACD indicator is still postitive territory but is currently in overbought situation, which supports a bearish outlook on the GBPUSD in the short term.

We must pay attention to the FOMC Meeting Minutes today at 19:00 GMT. If after that meeting, there are no clear conclusions, that could be “negative” for the USD, leading to the GBPUSD to make upward movements.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @conexiondigicol

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Lending Works

• 

  Jagdip Cheema

• 

  Chrisoil

• 

  John Williams