GBP/USD Technical Analysis for September 05
2013 by MBCFX
As we have mentioned in our technical analysis , the
cable has reached the expected target of 1.5640, then retreated..
Today we can see on the 1 hour chart , t the GBP/USD
is trading within an ascending channel,
and has faced a strong barrier at the top line of the channel , also the
forming of great Divergence , and this
confirms the downtrend of the prices to the Moving Average 300 at $1.5573 which corresponds to Fibonacci correction
level of 50 %.
So we recommend selling the cable today and if it breaches
down the 1.5570 level, the next target will be to the 1.5507 level.
