GBP/USD Technical Analysis /05.09.2013/ MBCFX



GBP/USD Technical Analysis /05.09.2013/ MBCFX


.The GBP/USD has formed Triple Top on the 4 hours chart, and it has faced a strong barrier at the Fibonacci level 50 % during 5 days , which reflects downward trend.

 So we expect a bearish trend of the prices to the 1.5404-1.5380 area which corresponds to the Moving Average 100 and 120, and if it breaches down this level, it may retreat to the 1.5336 and 1.5290 levels.

 So any rally of the GBP/USD will represent good opportunities to short this pair especially before the release of the interest rates in UK.

 As for the key resistance level it lays at 1.5560

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