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17.09.201308:18 Forex Analysis & Reviews: GBP/USD intraday technical analysis for September 17, 2013

Long-term review

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If we look at the charts, the bias for this currency, according to 4-hour and 60-minute charts is upward. We spotted the divergence between the price action with all the three Oscilators: the MACD (8,17,9), the RSI(14), and the Stochastic Oscilator (5,3,3). We should be aware of the upside movement of this currency pair, especialy, if it breaches and closes above the Pivot Lines at the level of 1.5917. After that, it will go up to the M3 level of 1.5929 as the first target and resistance. The 1 level of 1.5940 is optional. However, because in the 30 minute chart the MACD (8, 17, 9) and the RSI (14) are still below the 0 line (for the MACD) and below the 50 level (for the RSI), this means the market now have a downside momentum, please pay attention to the Support. 1 level at 1.5872. If GBP/USD breaches and closes below that level, it will have a chance for going down to the M1 level at 1.5861 as the first target and the Support. 2 at 1.5849 as the second target (optional).

INTRADAY PIVOT LEVEL:

Resistance. 3 : 1.6008.

Midpoint. 5 :1.5997.

Resistance. 2 :1.5985.

Midpoint. 4 :1.5963.

Resistance. 1 :1.5940.

Midpoint. 3 : 1.5929

Pivot Point : 1.5917.

Midpoint. 2 :1.5895.

Support. 1 :1.5872.

Midpoint. 1 : 1.5861.

Support. 2 :1.5849.

Midpoint. 0 : 1.5827.

Support. 3 : 1.5804.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.eu

Email: Arief.jakarta@indo.instaforex.com

blog.mt5.com/arief

http://www.mt5.com/forex_analysis_award/profile/index/arief

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