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GBP/USD intraday technical levels and trading recommendations for October 29, 2013
October 29, 2013 4:15 pmVideo
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Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400, then 1.5700, where two prominent tops were established.
The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which managed to break through 1.5720, thus matching the August highest level and the recently established top.
The market expressed obvious closure above 1.5575 which opened the way towards 1.6000, 1.6170, then 1.6260.
It is important to note that the market expressed bearish rejection off 1.6150-1.6200 which resulted in an inverted hammer weekly candlestick. That is why a bearish movement was expected to take place during the last week provided that the bears continue defending the weekly high at 1.6150. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short time until bearish domination came back into the market.
Yesterday, there was confirmation of the bearish momentum located around 1.6200 resulting in a shooting star daily candlestick pushing more bearish steam into the market.
The pair probably established a Head-and-Shoulders reversal pattern, where the right shoulder is located around 1.6180-1.6200 which provided a valid sell entry on retesting or after the breakdown of 1.6100 (neck-line) with SL located above 1.6250.
The pair needs to breakdown the next support level located around 1.6040 (100% Fibo Expansion) in order to resume the ongoing movement heading for lower targets.
On the other hand, daily fixation above 1.6040 will enable the pair to express bullish movement towards 1.6100-1.6150 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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