GBPUSD Technical Analysis (April 23, 2013)

In the session on Monday, the GBPUSD had a slightly bullish day, recovering from the losses that had last Friday, when was published the new Moody’s credit rating for the UK economy.

Possibly, the GBPUSD is forming a higher low pattern in this chart but keep in mind that the GBPUSD is not out of the range yet, between 1.5340 and 1.5232. There’s a bullish trend line and if the GBPUSD manages to make a breakout of the trend line and support at the 1.5232 level, could fall to the support level at 1.5131 in the medium term. On the other hand, if the GBPUSD does ​​a breakout of resistance level 1.5340 with bullish candlestick, I could recommend to do buy orders above that level.

Currently, the MACD indicator is in negative territory, supporting a bearish outlook for the next few days, though, I predict that this week will be a little “flat” for the cable, unless forecasts fail, regarding economic data for this week.

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