Weekly Analysis GBPUSD: 13 - 17 July 2009

Previous Week (29 June -3 July)
O: 1.6512 H: 1.6742 L: 1.6277 C: 1.6306

Last Week (6 – 10 July)
O: 1.6305 H: 1.6379 L: 1.5982 C: 1.6206

Weekly Chart

• Closed as a hammer on the weekly chart and rejected 23.6 on the FIBO.
• Trading between 1.6732 and 1.5965

Daily Chart

• Using overtaking method, we will expect this pair to trade up on Monday’s open.
• However, expect some resistance at 1.6386, 1.6523.
• As we are expecting a stronger dollar, the bull on this pair is limited and 1.6588 may be the high of the week.

Hourly Chart

• Trading within a triangle during the last hours of the trading week with bottom rejection.
• Even though the trend was down, there is still momentum for an upside from a top to bottom approach.

Scenario for this pair: Expect an early bullish week to an upside of 1.6386 1.6523 and 1.6588. However as we are in favor of a stronger dollar, we may see a bear ride down to 1.6247, 1.6160, 1.6113, 1.6029.

Fundamentals:

Tuesday – Europe and NY session

Wednesday – Europe and NY session

Thursday – NY session

Friday – NY session