Daily analysis for major currencies

2013.08.26

GBPUSD:

Nearest term down side, weekly support 1.5525 that may be broken this session,

so we can see clearer direction. Break below (1.5525) could trigger further bearish pressure targeting

(1.5481) and keep the major bearish scenario remains strong while break above (1.5645) could trigger

further bullish correction testing (1.5656). We prefer to wait for break of upper or lower barrier.

Res: 1.5590 1.5616 1.5636 1.5656 1.5695

Sup: 1.5542 1.5522 1.5502 1.5482 1.5462

Our view:

Pivot: 1.5608

Entry: short position below 1.5608

Targets: 1.5570, 1.5525 then 1.5481 in extension

Stop: above 1.5645

Alert: break above 1.5645 will call for 1.5700where you will Re-entry short in case first position done it stoploss