GBPUSD: Bouncing near its medium-term rising trend line

Saturday, October 12, 20130 comments

GBP/USD has bounced near the support area which is implied by the rising trend line. Hourly resistances are given by the declining trend line which is around 1.6051 and 1.6124 (08/10/2013 high). Another support lies at 1.5886.

In the longer term, prices are close to the strong resistance area between 1.6302 (30/04/2012 high) and 1.6381. Given the increasing overbought conditions, we would be medium term cautious on GBP/USD, as it has already priced in a lot of positive news.

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