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Back above 1.5900 and in the range

Back above 1.5900 and in the range | 14 November 2013

14 November 2013, GBP/USD

The GBP/USD pair has rebounded from the lows and found its way back up into the range above 1.5900. It now looks like the move below the neckline at 1.5900 was a false break. The range highs are at 1.6110 and provide a possible target higher; a move above them would be very bullish. There is resistance at the current level however, so it is also possible the pair might pull-back down towards the 1.5900 level again – or 1.5980 initially, with a move below 1.60125 providing confirmation. Overall, the trend is sideways in the short-term and will probably continue, although there is much data out today which could cause some powerful moves.
Back above 1.5900 and in the range
Mark Satcher
Analyst of «FreshForex» company
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