GBPUSD Fundamental & Technical Analysis (April 17, 2013)

Yesterday’s session was very bullish in the last hours for the cable. Now, the GBPUSD is facing a strong resistance on the upside.

The GBPUSD is forming a lower high clear pattern in the H1 chart. The resistance in the 1.5377 level is very strong, because it has been touched days ago but could not be broken by this pair. If GBPUSD makes a breakout in this resistance could be up to the next resistance at 1.5450 level. The MACD indicator is in positive territory but is showing some signs of overbought in this pair, so we might see some corrections in the cable during the next few hours to resume its uptrend in the short term.

Our bullish scenario can be overridden if the GBPUSD makes a breakout of support at the 1.5339 level, which would cause a drop to the 1.5312 level.

In our fundamental outlook, pay atenttion to the publication in the United Kingdom at 09:30 GMT, of the Claimant Count Change (Previous: -1.5K / Forecast: 0.0K) and the MPC Meeting Minutes, at the same time. During this time, there will be some volatility in the GBP pairs.

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