Weekly forex report – June 6.

The GBP / USD trades in a continuous long-term upward trend after the sharp drop from the maximum 16 months – 1.6745 – to the Fibonacci extension level of 50% for the period January to June 2011. After the pair continued to grow but requires confirmation of positive prospects break the 1.6517 level, and in this case would open the way toward 1.6655 and 1.6745. The closest support level is at 1.6292 followed by 1.6156, but the next key support at 1.6042. The GBP / USD has a long-term uptrend, with the next target in the 1.6745 level after closing above 1.6517.

We think GBP/USD will go bearish in June to 1.6042.

Level Value
RES 3 1.6745
RES 2 1.6655
RES 1 1.6517
1.6292 SUP 1
1.6156 SUP 2
1.6042 SUP 3