GBP/USD: Moving Sideways
GBP/USD has thus far failed to break the resistance area defined by the resistance at 1.5606 (01/05/2013 high) and the 200-day moving average. Another resistance is given by 1.5879. Hourly supports are given by 1.5489 and 1.5382 (06/06/2013 low).
In the longer-term, the break of the horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high) calls for a further medium-term decline. Therefore, the rise from 1.4832 is viewed as a rebound. A key resistance area is at 1.5606 (01/05/2013 high) and 1.5684 (06/06/2013, see also the 200-day moving average).