FX.co ★ GBP/USD: technical analysis for December 3, 2013

Overview:

• GBP/USD: The resistance has been already set at the level of 1.6460 (minor resistance) as well as the support has been set at 1.6294 (the weekly pivot point) for December 3, 2013. Therefore, according to the previous events, the price has still been trapped between 1.6440 and 1.6390, then it should be noted that the range today will be around 83 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.620. Hence, below 1.6020 look for further downside move with targets at 1.5960, if it can break the support for today (1.5917), so the price will continue towards 1.6490 today. On the other hand, buy above 1.6290 for short term of the same day with the first target at 1.6450; it might resume to 1.65 tomorrow in order to test the strong resistance of this week.

Intraday technical levels:

Date & Time: 3/12/2013 12:33

Pair: GBP/USD

• Projected High:1.6626
• Breakout (Buy Stop):1.6571
• Strong Resistance (Sell Limit):1.6541
• Current Pivot:1.6391
• Strong Support (Buy Limit):1.6241
• Breakout (Sell Stop):1.6216
• Projected Low:1.6166