GBP/USD Daily Forecast for October 01st 2013
Global stock markets fell and the dollar dropped against major
currencies ( Euro, Yen, and the GBP) as U.S. government shutdown looms,
And this has
raised investors’ concerns about the future of the recovery in the world's
largest economy. Which
has pushed the pound high against the U.S. dollar, especially after a positive
week for the British currency after Karni claimed that that the British economy
does not need at the moment any more liquidity.
We also draw the
attention of our dear traders, that the market and investors are waiting the ECB press conference and Mario Draghi speech on this week which will
add more dynamic to the market.
Concerning the
technical analysis, we notice on the daily chart that the GBP/USD pair has
breached up the ascending wedge to form the first top, and we expect it will continue
forming the second top above the wedge at the 1.6260 and 1.6284 levels, and if
this scenario would happen, we expect after that a breach wave of the prices
toward $1.6195, then $1.6140, and $1.5985
