GBPUSD Fundamental & Technical Analysis (April 10, 2013)
By
Felipe Erazo
PUBLISHED:
10 Apr 2013 @ 10:05
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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.
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