GBPUSD Technical Analysis (April 18, 2013)

Yesterday’s session was very bearish for the GBPUSD, due to “bad” economic data that were released early and that demonstrate, that the UK economy is not good, for now.

The GBPUSD is now trying to make a breakout of support at 1.5225 level, if the cable does that breakout, could fall to next support at the 1.5089 level in the medium term. The movement of GBPUSD this week has been within a range of 200 pips or so, which places the 1.5400 level as a strong resistance level 1.5200 and a strong support. If the GBPUSD makes a breakout with a big candlestick (bullish or bearish) in any of these levels, this pair could be define the trend for the next days. However, we must be careful to make this pair trading in minor charts, because the GBPUSD has made very volatile movements, so I recommend for now, make swing trading in the GBPUSD for now.

The MACD indicator is entering negative territory, which supports a bearish outlook for this pair in the medium term. Do not forget that today will be the G20 meeting all day.

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