You are here: Home > articles > Forex > Intraday technical levels and trading recommendations for GBP/USD for August 26, 2016
Intraday technical levels and trading recommendations for GBP/USD for August 26, 2016
August 26, 2016 2:31 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market.
However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470), which allowed further bearish decline to occur.
The prominent demand level located at 1.3845 (historical bottom that goes back to March 2009) provided a significant bullish rejection and a bullish engulfing weekly candlestick on February 26.
Bullish fixation above 1.4670 allowed further bullish advancement initially towards 1.4950 (Weekly Supply) where significant bearish rejection was expressed.
The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.
However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts.
Bearish persistence below the demand level at 1.3550 enhances the bearish scenario towards 1.2700 (the nearest bearish projection target) where price action should be watched for a possible short-term BUY entry.
On the other hand, the price zone of 1.3845-1.4040 now constitutes the recent supply zone to be watched for new SELL entries if any bullish pullback extends above 1.3550.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: