DAILY FOREX POST – GBP/USD DECEMBER 23, 2013

GBP/USD Technical view

SPOT GBP/USD Previous day OHLC

Open	High	Low	Close	Change
1.6369	1.6395	1.6314	1.6333	-0.0036

Today's Support and Resistance

Resistance
Support
R3	1.6650
R2	1.6450
R1	1.6350
S1	1.6290
S2	1.6240
S3	1.6150

Sterling ended the session on Friday with losses of 0.22%, versus the greenback, inching lower to close the second successive session with losses. Near term, the losses could bottom out at 1.6150- 1.6250; bottom end of the medium term bullish channel, before rebounding to 1.6350- 1.6450, where the pair could face stiff resistance. ONLY a close above 1.6450, we could see the rally extend to 1.6650 - 1.6750; targets for the symmetrical triangle in an uptrend and the top end of the near term bullish channel. Buy the pair on declines up to 1.6150

TREND DIRECTION

• Short term: Bearish
• Medium term: Bullish
• Long term: Bullish

TRADING RECOMMENDATIONS

• Short:

  • N/A

• Long:

  • At 1.6240 with a stop at 1.6200 for a profit target of 1.6450
  • At 1.6170 with a stop at 1.6120 for a profit target of 1.6450